ZCZC
BCN-23
US-ENERGY-OIL-PRICE
Oil prices settle mixed amid oversupply concerns
NEW YORK, Sept. 27, 2019 (BSS/Xinhua) – Oil prices settled mixed on
Thursday as investors remained concerned about oversupply in the market.
On the demand side, analysts said a majority of the data released recently
showed weak growth in world’s major economies, which could mean shrinking
crude oil demand.
On the supply side, during the week ending Sept. 20, U.S. commercial crude
oil inventories increased by 2.4 million barrels from the previous week, the
U.S. Energy Information Administration said Wednesday.
The data made investors worried that oil supply would still surpass the
demand even at a time when oil output from Saudia Arabia, a major oil
exporter, declined due to drone attacks on its key oil facilities earlier
this month.
The West Texas Intermediate for November delivery decreased 0.08 U.S.
dollar to settle at 56.41 dollars a barrel on the New York Mercantile
Exchange, while Brent crude for November delivery added 0.35 dollar to close
at 62.74 dollars a barrel on the London ICE Futures Exchange.
BSS/AFP/HR/1235