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Crude oil prices fall as global growth fears weigh

Published 07/05/2019, 09:35 AM
Updated 07/05/2019, 09:40 AM
Crude oil prices fall as global growth fears weigh
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SYDNEY, July 5 (Reuters) - Crude oil prices fell on Friday,
pressured by concerns over the outlook for global economic
growth.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
down 1.1% at $56.71 per barrel by 0042 GMT.
Front-month Brent crude futures LCOc1 were down 0.1% at
$63.23 per barrel, after closing down 0.8% on Thursday.
"Concerns over weaker demand outweighed the supply issues,"
ANZ Bank said in a research note.
"Weak economic data earlier in the week set the scene for
the bearish outlook."
New orders for U.S. factory goods fell for a second straight
month in May, government data showed on Wednesday, stoking
economic concerns.
The U.S. Energy Information Administration on Wednesday
reported a weekly decline of 1.1 million barrels in crude
stocks, much smaller than the 5 million barrel draw reported by
the American Petroleum Institute earlier in the week.
USOILC=ECI
That suggests oil demand in the United States, the world's
biggest crude consumer, could be slowing amid signs of a
weakening economy.
Weakness in the oil market came despite ongoing tensions in
the Middle East, threatening supply routes.
British Royal Marines seized a giant Iranian oil tanker in
Gibraltar on Thursday for trying to take oil to Syria in
violation of EU sanctions, a dramatic step that drew Tehran's
fury and could escalate its confrontation with the West.

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