Oil Falls $1/B On Rise In US Stocks And Economic Woes

Published on Thursday, 17 May 11:55 am

Oil prices fell more than $1/B early on 16 May as a larger than expected rise in crude stocks in the US and fears of Greece’s exit from the euro zone muddled the outlook for demand growth, it was reported from Singapore. Investors worried about the demand for oil as a prolonged political crisis in Greece may push Europe into a deeper financial mess at a time when China is slowing and the US economy remains fragile. Yet, limited spare capacity and fears of a supply disruption have put a floor under prices, according to Reuters. Brent slipped as low as $111.20/B and traded at $111.25/B sliding for four out of the past five sessions, while US oil fell $1.23/B to $92.75/B, the lowest since 19 December.

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