Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Oil Prices Down as EIA Cuts Demand Growth Forecast, API Reports Jump in Stockpiles

Published 06/12/2019, 12:41 AM
Updated 06/12/2019, 12:41 AM
© Reuters.

© Reuters.

Investing.com - Oil prices were down on Wednesday in Asia after the U.S. Energy Information Administration cut its forecasts for 2019 world oil demand growth and the American Petroleum Institute reported a surprise increase in crude stockpiles.

U.S. WTI crude futures were down 1.5% to $52.43 by 12:40AM ET (04:40 GMT). International Brent crude futures, the international benchmark for oil prices, fell 1.5% to $61.36.

The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd in a monthly report released on Tuesday.

Meanwhile, the API said U.S. crude inventories rose by 4.9 million barrels last week to 482.8 million barrels, compared with analysts' expectations for a decrease of 481,000 barrels.

Official weekly data from the EIA is due later in the day.

In other news, Suhail bin Mohammed al-Mazroui, energy minister of the United Arab Emirates, said on Tuesday at the International Economic Forum of the Americas that Members of the Organization of the Petroleum Exporting Countries (OPEC) are close to reaching an agreement on extending production cuts.

OPEC was originally scheduled to meet on June 25 to discuss its output policy for the remaining of the year. However, Russia suggested moving the meeting to July 3-4, Reports reported citing sources within the organization.

“We are working the dates,” al-Mazroui told reporters later on the sidelines of the forum, emphasizing that he did not have a preference for June or July.

“To me it doesn’t matter," he said. "We’re talking about a separation of two weeks. The most important is what we know today and what we know today tells us that we need to extend, in my view.”

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.