Oil prices fell for a second day Wednesday after a rise in U.S. crude inventories stoked demand concerns on the heels of economic data from the U.S. and China.
That added to concerns about U.S. growth after data showed retail sales"The global economic outlook has too many question marks and that is not giving energy traders a lot of confidence in buying crude. Right now too much oil is still available," Edward Moya, senior market analyst at OANDA, said in a note.
Talks on raising the U.S. debt ceiling continue to weigh on the market. The U.S. Treasury Department has estimated that the United States will go into a crippling default as early as June 1 if Congress does not lift the debt ceiling.forecasts, suggesting the economy lost momentum at the beginning of the second quarter.
Markets are closely following any new steps on expanding sanctions on Russia by the Group of Seven leaders when they meet in Japan on May 19-21.involving third countries, aiming to limit Russia's future energy production and curb trade that supports Russia's military, officials with direct knowledge of the discussions have said.reselling Russian oil into Europe as refined fuel.
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