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Oil prices retreat on recession fears and rising inventories

2019-08-15 08:55 am | Resource: News | No Views : 23

Oil prices retreat on recession fears and rising inventories

Oil prices fell marginally as US crude inventories unexpectedly rose, as concerns about global growth persisted. Oil prices were also affected after weak industrial production, retail sales data in China and an inverted US Treasury yield curve that raised recession fears.

US EIA report

 The US Energy Information Administration announced that crude oil inventories rose for the second week in a row. The Energy Information Administration reported a rise in the price of crude oil by 1.6 million barrels in the week to August 9 against market expectations for a withdrawal of 2.8 million barrels. The EIA said inventories stood at 440.5 million barrels, about 3% higher than the five-year average for this time of year.

Gazprom Naft: Production of the Badra oil field in Iraq 1.8 million tons

In other news, Gazprom Naft, the oil production arm of Russian gas giant Gazprom, said on Thursday that Iraq's Badra oil field had produced 1.8 million tonnes of oil since the beginning of 2019. Gazprom has a 30 percent stake in the project it operates. The Iraqi Oil Exploration Company controls 25 percent, South Korea's Kogas owns 22.5 percent, Malaysia's Petronas owns 15 percent and Turkey's TAPO 7.5 percent.

A combination of data suggesting a slowdown in global growth amid the US-China trade war and consistently high levels of oil in US storage has slowed the recent optimism in crude oil markets, but stoked expectations that major producers may take additional steps to support prices. On the other hand, the yield on 10-year US Treasuries fell below two-year bonds, reversing the yield curve for the first time since 2007. Some economists see the reversal of the yield curve as an early indicator of a recession. US stock markets tumbled.

Oil Contract Trading
  •  Brent crude futures fell 0.3% to $ 59.31 a barrel, at 09:09 am CET, after falling 3% Wednesday at $ 59.48.
  • US crude futures in New York fell marginally 0.1% at $ 55.17 a barrel, after falling yesterday by 3.3% to $ 55.23.


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