ublished: 11/16/2023 4:58 AM ET
Oil prices edged lower on Thursday after data showed a sharp increase in U.S. crude stockpiles and a significant jump in crude production.
Investors also fretted about prolonged weakness in China’s property sector and its likely impact on fuel demand.
Benchmark Brent crude futures dipped 0.7 percent to $80.63 a barrel while WTI crude futures were down half a percent at $76.26.
According to the data released by the U.S. Energy Information Administration (EIA), crude stockpiles in the U.S. increased by 17.5 million barrels in the last two weeks.
Crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, twice the expected increase.
The EIA data also showed U.S. crude production was at a record 13.2 million barrels per day.
Additionally, China demand concerns weighed after data showed home prices in the country fell the most in eight years in October due to weak demand.
Japan’s export growth slowed in October and China’s new home prices fell for the fourth straight month, rekindling worries about slowing global growth.
The dollar held its ground in European trade after seeing sharp declines in the previous two sessions.
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