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
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