[Singapore 3rd Reuters]-Crude oil futures prices are declining. Concerns about declining demand due to weak economic indicators, and an increase in US crude oil stocks that exceed expectations are the main factors.
As of 0052GMT (Japan Time 9:52 am), Brent Futures <LCOc1> is $ 0.17 (0.3%) lower per barrel = $ 57.52. The day before, it fell 2%.
US WTI Futures <CLc> is $ 52.55, down $ 0.09 (0.2%). The day before, it fell 1.8%.
Due to concerns about the slowdown in the US economy, softening of European corporate accounts, and a sense of war that the global economy will enter a recession due to trade disputes between the US and China, the stock market in major countries dropped for the first time in about a month on the 2nd. Sales also spread.
According to the weekly oil inventory statistics released by the US Energy Information Administration (EIA), crude oil inventory increased by 3.1 million barrels, more than expected (1.6 million barrels), putting pressure on the market.