Oil Slips as US Inventories Expected to Keep Rising
Oil slipped toward $61 a barrel on Monday, falling for a second day, pressured by expectations for a rise in US crude inventories and fading optimism over a US-China trade deal.
US crude inventories are expected to have risen by around 700,000 barrels last week, CNBC reported.
Brent crude was down 54 cents at $61.03 a barrel, having fallen 45 cents on Monday. US West Texas Intermediate crude was down 42 cents to $55.39.
Last week, Brent rose by more than 4%, supported by a drop in US inventories and signs of an easing in the US-China trade dispute. This has been weighing on prices for months because of concern it will hit economic growth and demand.
The US Federal Reserve is expected to cut rates when it concludes its two-day meeting on Wednesday. Investors will also be watching for any indication that further cuts are likely.
Brent has gained 14% in 2019, supported by a deal to cut supply by 1.2 million barrels per day between the Organization of the Petroleum Exporting Countries and allies including Russia.
The producers meet on December 5-6 to decide whether to extend or adjust the decision, which runs until March. The prospect they could deepen the supply cut has also supported prices.
source: Financial Tribune
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
BHP warns Australian mining not ready for low-cost competitors
Resolute Mining says it will pay Mali $160 million in tax dispute
Trump chooses oil fracking boss as energy secretary
Gold loses some luster after Trump’s decisive win
