Article

2019-05-23 Economy

Oil prices drop on swelling US stockpiles, trade war

[ENGLISH.ALARABIYA.NET] Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and on demand concerns linked to a protracted trade war between China and the United States.

However,
by candlelight every wench is handsome...
analysts said oil markets remained tight amid supply cuts led by producer group OPEC and as political tension escalates in the Middle East.

Brent crude futures were down 70 cents at $71.48 a barrel by 0906 GMT and are set for their biggest daily fall in 11 days.

US West Texas Intermediate (WTI) crude futures for July delivery were down 68 cents at $62.45.

"Buying pressures are sandwiched between mounting geopolitical disruption risks in the Middle East and jitters over the fallout from the intensifying US-China trade dispute," PVM’s Stephen Brennock said in a note.

Posted by Fred 2019-05-23 00:00|| || Front Page|| [10326 views ] Top

#1 Gas prices on the west coast seem to always rise due to “unplanned refinery maintenance. and the switch to the “summer”blend in California. Funny how that seems to always coincide with the busiest driving holiday of the year. Actual crude output seems to have little meaning to a rigged market that hasn’t seen refinery capacity grow for decades it seems. Spiral investments t in increasing capacity doesn’t seem to appeal to a fixed market.

Posted by NoMoreBS 2019-05-23 12:44|| 2019-05-23 12:44|| Front Page Top

#2 As soon as they lower gas prices in California, the government will raise the gas tax.

Posted by Abu Uluque 2019-05-23 14:03|| 2019-05-23 14:03|| Front Page Top

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