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MTECHTIPS;-Oil Down Again on Worry Over U.S. Crude Stockpile Situation

Thursday, January 24, 2019 2:50

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MTECHTIPS;-Oil Down Again on Worry Over U.S. Crude Stockpile Situation

Crude Oil When production cuts and trade talks are out of sight, U.S. crude inventories will matter. And the forecasts for that aren’t looking too great. Prices of U.S. West Texas Intermediate and London’s Brent oil fell for a second straight day on Wednesday after forecasts were for a decline of 42,000 barrels last week in U.S. crude stockpiles versus the 2.7-million drop in the week to Jan. 11.The U.S. Energy Information Administration will report official inventory numbers on Thursday. WTI settled down 39 cents, or 0.7%, at $52.62 per barrel, after a 2.3% loss on Tuesday. Brent, the global oil benchmark, slipped by 33 cents, or 0.5%, to $61.17, after losing 2% in the previous session. Crude prices initially rose on Wednesday on hopes that China and Japan would resort to stimulus measures to avert a slowdown in their economies. As the day progressed, however, the market turned south on worries about U.S. oil inventories

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