Thursday, 26 September 2019

Oil slips on weak demand outlook, returning #Saudi supply - Reuters

Oil slips on weak demand outlook, returning Saudi supply - Reuters:

Oil prices edged lower on Thursday, extending losses from the previous two sessions, as Saudi Arabia quickly regained production volumes after an attack on its oil facilities and amid increasing signs of slowing demand.

Brent crude LCOc1 futures were at $62.36 a barrel, down 3 cents, or 0.1%, from the previous close, by 0659 GMT.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were 9 cents lower, or 0.2%, to $56.40 a barrel.

Brent and WTI prices have dropped 3.7% and 3.8%, respectively, since their close on Monday, weighed down by a surprise 2.4 million-barrel build in U.S. crude inventories last week, and a faster-than-expected recovery of Saudi output capacity after the Sept. 14 attacks on two of its oil processing plants.

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