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Oil falls as US inventories, demand growth concerns weigh on supply outlook

A decline in OPEC production and a squeeze on supply from Iran and Venezuela because of US sanctions have led many analysts to forecast that the market will be balanced in 2019

Oil Price  |  Oil Producers  |  Venezuela

Reuters  |  New York 

Oil fell more than 2 percent on Thursday as the market confronted concerns that global demand growth would lag in the coming year. A rebound from late December lows seemed to stall amid worries that a trade war between the US and China would continue, weighing on demand. The market also contended with the possibility that oil producers would not adhere strictly to cuts agreed to last year. Brent crude futures fell $1.35 a barrel, or 2.2 percent, to $61.34 by 11:21 a.m. EST. US crude futures were down $1.65 a barrel, or 3.05 percent, at $52.38. "The correction is ...

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First Published: Thu, February 07 2019. 22:23 IST