Oil deepens losses as US inventories rise

2019-08-14 19:32:00 GMT (Economies.com)
Oil deepens losses as US inventories rise

Oil fell sharply today, amid mounting concerns in markets over US economy recession, which have negatively affect demand today.

 

Oil prices extended their losses after the US Energy Information Administration's weekly report, which showed that US oil inventories rose by 1.6 million barrels to 440.5 million barrels during last week, beating forecasts of a drop by 2.7 million.

 

By 17:01 GMT, dollar rose against a basket of currencies by 0.1% to 97.9 points, with a high of 98 and a low of 97.6.

 

Bond yields in both the United Kingdom and the United States have sharply fell, which global markets interpret as a sign of a near global recession.

 

In the oil market, by 16:57 GMT, WTI fell by 5.1% to $54.1 a barrel, with a high of $56.8 and a low of $54.01.

 

Brent fell by 4.7% to $58.4 a barrel, with a high of $61.08 and a low of $58.3.

 
 
 
  Symbol Last Change Chg.%
1.1091
-0.0102
0.9113%
1.2147
0.0087
0.7243%
17.104
0.128
0.753%
54.800
0.550
1.014%
58.65
0.42
0.72%
1512.265
14.840
0.991%
 
 
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