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Tuesday 20th March 2018

Oil Prices Diverge Amid Concerns on Economic Slowdown

Business

7Dnews London

Tue, 26 Mar 2019 00:31 GMT

Oil prices mixed Monday as continuing fears of a global economic slowdown weighed on the prospect of tight US crude supplies.

Brent crude was set at $67.21 a barrel, up 18 cents, while US crude fell 22 cents to $58.82 a barrel.

"Some of the weakness we noticed earlier was due to renewed concerns about demand growth," said Jane McGillian, vice president of market research at Tradeshow Energy in Stamford.

He added that the market is now looking for US crude inventories data, starting on Tuesday's report from the US Petroleum Institute, which represents the interests of the industry, and then the figures of the Energy Information Administration on Wednesday.

"If we see another week of inventory data similar to what we saw last week, it could re-launch the bullish wave," he said.

The latest data is expected to show a decline in US crude inventories for the third week in a row, after falling nearly 10 million barrels in the previous week on record-breaking exports.


US & Canada