Oil prices fall on surging U.S. crude supply, economic slowdown
SINGAPORE - Oil prices were dragged down on Thursday by surging U.S. crude stockpiles and record production, while economic concerns cast doubt over growth in demand for fuel.
International benchmark Brent futures were at $71.52 per barrel at 0642 GMT, down 21 cents, or 0.3 percent, from their last close. U.S. crude inventories rose 7 million barrels to 456.6 million barrels in the last week, their highest since November 2017, the Energy Information Administration said on Wednesday.
There are also concerns that an economic slowdown will soon dent fuel consumption after the International Monetary Fund this week downgraded its global growth forecast to the lowest in a decade.Despite the surge in U.S. supply and the economic concerns, global oil markets remain tight amid supply cuts led by the Organization of the Petroleum Exporting Countries , U.S. sanctions on oil exporters Iran and Venezuela, and escalating fighting in Libya.
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