Oil falls on US inventory data

16/11/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Oil slipped today, Nov. 16, after US inventory data showed an increase and amid concerns over dwindling Chinese demand.

 

International benchmark Brent crude was trading down 0.63% at $80.67 a barrel, at 09:04 am Makkah time. West Texas Intermediate (WTI) crude fell 0.72% to $76.11 a barrel.

 

US Energy Information Administration data released on Nov. 15 showed that US oil inventories rose by 3.6 million barrels last week, after increasing by 13.9 million barrels in the previous week, while the US oil production rate stabilized at 13.2 million barrels per day.

 

"Concerns over a record-high US production rate put fresh pressure on oil prices, adding to an already worrisome demand outlook," said Tina Teng, Markets Analyst at CMC Markets, Reuters reported.

Comments {{getCommentCount()}}

Be the first to comment

{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
{{comment.Replies.length}}
تعديل
loader Train
Report
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read