19Feb
PalmOil

Singapore : Oil prices fall on oversupply concerns after US crude stocks hit record

SINGAPORE:

  • Oil futures fell in Asian trade on Friday as a record build in U.S. crude stocks stoked concerns about global oversupply, outweighing moves by oil producers including Saudi Arabia and Russia to cap oil output.
  • U.S. crude inventories rose by 2.1 million barrels last week, to a peak of 504.1 million barrels, the third week of record highs in the past month, data from the U.S. government’s Energy Information Administration (EIA) showed on Thursday.
  • That came as Iraq’s oil minister Adel Abdul Mahdi said on Thursday that talks would continue between OPEC and non-OPEC members to find ways to restore “normal” oil prices following a meeting on Wednesday.
  • “The market is expecting continuing inventory builds,” said Tony Nunan, oil risk manager at Japan’s Mitsubishi Corp in Tokyo.

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