Oil prices fall as data points to huge build in U.S. stocks
SINGAPORE - Oil prices eased on Thursday after industry data showed a larger-than-expected build-up in stocks in the United States, although losses were limited by comments by U.S. Treasury Secretary Steven Mnuchin on a U.S.-China trade deal.
Global benchmark Brent crude oil futures LCOc1 was down by 47 cents, or 0.8%, at $58.95 a barrel by 0330 GMT. U.S. crude inventories soared by 10.5 million barrels to 432.5 million barrels in the week to Oct. 11, according to the American Petroleum Institute’s weekly report, published ahead of official government stocks data due on Thursday. “An enormous U.S.
It comes amid concerns about the global economy - and therefore oil demand - as data from the United States showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity.
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