Economy

Oil prices fall as USA stockpiles grow

Oil prices fall as USA stockpiles grow

US crude inventories declined by 5.3 million barrels in the week to May 24 to 474.4 million, data from industry group the American Petroleum Institute showed.

American benchmark West Texas Intermediate, on the other hand, was at $59.39 a barrel for a 0.1% gain after ending the previous session at $58.81 per barrel.

The Mexico trade dispute adds to a trade war between the United States and China, which many analysts expect to trigger a recession.

Oil prices rose on Thursday after an industry report showed a bigger-than-expected decline in USA crude inventories, although concerns that the U.S.

International Brent crude oil futures were at $65.92 a barrel on the London-based ICE Futures Europe exchange, down 95 cents from their last close.

By far, oil prices have gained some support from the ongoing efforts of supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

More news: Israel to return to polls after Benjamin Netanyahu fails to secure coalition

But U.S. crude futures and the front-month spread between July and August U.S. crude futures pared losses after news of the Ozark pipeline from Cushing to IL restarting on Friday, traders and brokers said.

Trade worries and slowdown fears have pressured investors to dump so-called "risk assets" such as equities and oil globally and seek safety in German and USA government debt. "China trade war are expected to remain the key driver weighing on oil prices". USA rig count data is due at 1:00 p.m. EDT (1700 GMT), an indication of future production.

The price of Brent oil was $63.93 down from $64.63 and US WTI crude was $55.41 from $56.05. "That market participants are prepared to pay such a premium for oil that can be delivered at short notice points to tight oil supply".

"U.S. refiners import roughly 680,000 barrels per day of Mexican crude".

Mr. Fritsch said energy prices should eventually be underpinned by shrinking production from members of the Organization of the Petroleum Exporting Countries and their allies, including Russian Federation. Russian First Deputy Prime Minister Anton Siluanov said on Wednesday that the country would consider a possible extension of its oil output reduction agreement.

They decided curb output from January by 0.8 million barrels per day versus October levels while non-OPEC allies contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April.


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