Easing balance pulls prices down

摘要

Oil prices fell as concerns over supply shortfalls eased and as the outlook for demand growth became slightly clearer. Atlantic basin benchmark North Sea Dated fell by $6.11/bl to $68.25/bl in the week to 23 May, while US marker WTI fell by $5.17/bl to $57.70/bl. The prospect of slimmer oil demand growth weighed on prices, with the escalating trade war between the US and China expected to weigh on global economic growth. Rising US supplies further pressured prices. US crude stocks increased by 4.7mn bl to nearly 477mn bl in the week to 17 May, the highest since July 2017, according to the latest EIA data. Crude stocks at the WTI delivery point at Cushing, Oklahoma, have risen for fi ve consecutive weeks.