Oversupply weighs on oil prices

摘要

Shaky global economic conditions quickly undermined midweek gains and left crude prices almost exactly where they were in early May. Atlantic basin benchmark North Sea Dated fell by $3.87/bl to $100.50/bl in the week to 23 May. The relative strength of the US economy offered a little more support to US marker WTI, which fell by $1.17/bl to $93.99/bl. Gasoline has played a key part in US pricing. A hefty 2.2mn bl build in Gulf coast inventories made the biggest contribution to the country’s unexpectedly large 3mn bl gas- oline stockbuild, just ahead of the Memorial Day holiday, which traditionally marks the start of the driving season.