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Oil prices fall as data points to huge build in U.S. stocks

Published 10/17/2019, 09:14 AM
Updated 10/17/2019, 09:16 AM
Oil prices fall as data points to huge build in U.S. stocks
LCO
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CL
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* Brent futures down 0.7%, WTI off 0.9%
* U.S. crude stocks rose 10.5 mln bbls in week to Oct. 11
-API
* Analysts had estimated increase would be 2.8 mln bbls
* Coming Up: EIA inventory data at 1500 GMT

By Jessica Jaganathan
SINGAPORE, Oct 17 (Reuters) - Oil prices slid on Thursday
after industry data showed a larger-than-expected build-up in
stocks in the United States, adding to concerns that demand for
oil around the world may weaken amid further signs of a global
economic slowdown.
Global benchmark Brent crude oil futures LCOc1 had fallen
by 40 cents, or 0.7%, to $59.02 a barrel by 0110 GMT.
U.S. crude oil futures CLc1 were down by 46 cents, or
0.9%, to $52.90.
U.S. crude inventories soared by 10.5 million barrels to
432.5 million barrels in the week to Oct. 11, according to the
American Petroleum Institute's weekly report, published ahead of
official government stocks data due on Thursday. API/S
Analysts had estimated U.S. crude inventories rose around
2.8 million barrels last week.
"An enormous U.S. inventory build hits at precisely the
wrong moment when the markets are overly focused on demand
devastation due to the latest run of weaker global economic
data," Stephen Innes, Asia Pacific market strategist at
AxiTrader, said in a note on Thursday.
If confirmed by the government data, the build-up would be
the biggest U.S. inventory swell since February, 2017, Innes
said.
Meanwhile concerns about the future of the global economy -
and therefore oil demand - grew as data from the United States
showed that retail sales fell for the first time in seven months
in September. That followed data earlier this month showing a
moderation in job growth and services sector activity in the
same month.

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