Oil prices fall before US inventory data

AFP, LONDON: Crude prices fell yesterday awaiting the release of official data on the levels of US commercial energy inventories for clues on demand in the world's biggest oil consumer.
US benchmark West Texas Intermediate (WTI) for delivery in November delivery dropped 63 cents to $46.01 a barrel from Wednesday's close.
Brent North Sea crude for November delivery fell 18 cents to stand at $48.97 a barrel in London afternoon deals.
The US Department of Energy will publish inventory data against a backdrop of market concern about a supply glut owing in part to weaker demand from China, the world's biggest energy consumer. Prices had
fallen Wednesday, as weak Chinese trade data and poor consumer spending numbers in the US added to a picture of a slowing global economy.
Underpinning the bearish sentiment has been a forecast this week from the International Energy Agency that pointed to much slower oil demand growth next year.
US crude inventories are meanwhile expected to have risen last week.

Oil prices fall before US inventory data

AFP, LONDON: Crude prices fell yesterday awaiting the release of official data on the levels of US commercial energy inventories for clues on demand in the worlds biggest oil consumer. US benchmark West Texas Intermediate (WTI) for delivery in November delivery dropped 63 cents to $46.01 a barrel from Wednesdays close. Brent North Sea crude for November delivery fell 18 cents to stand at $48.97 a barrel in London afternoon deals. The US Department of Energy will publish inventory data against a backdrop of market concern about a supply glut owing in part to weaker demand from China, the worlds biggest energy consumer. Prices had fallen Wednesday, as weak Chinese trade data and poor consumer spending numbers in the US added to a picture of a slowing global economy. Underpinning the bearish sentiment has been a forecast this week from the International Energy Agency that pointed to much slower oil demand growth next year. US crude inventories are meanwhile expected to have risen last week.