Oil prices settle mixed amid falling stockpiles, demand concerns

0 Comment(s)Print E-mail Xinhua, May 10, 2019
Adjust font size:

NEW YORK, May 9 (Xinhua) -- Oil prices settled on a mixed note on Thursday as market participants digested signs concerning energy supply and demand.

The West Texas Intermediate for June delivery fell 0.42 U.S. dollar to settle at 61.70 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery increased 0.02 dollar to close at 70.39 dollars a barrel on the London ICE Futures Exchange.

The prices gained support from the latest report that showed a surprise drop on U.S. crude stockpiles.

U.S. crude oil inventories decreased during the week ending May 3, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 4.0 million barrels from the previous week.

At 466.6 million barrels, U.S. crude oil inventories were at the five-year average for this time of year.

Meanwhile, traders grew concerns about possible slower energy demand amid global economic uncertainties, weighing on the market. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter