Oil prices settle mixed amid oversupply concerns
By Trend
Oil prices settled mixed on Thursday as investors remained concerned about oversupply in the market, reports Trend referring to Xnhuanet.com.
On the demand side, analysts said a majority of the data released recently showed weak growth in world's major economies, which could mean shrinking crude oil demand.
On the supply side, during the week ending on September 20, U.S. commercial crude oil inventories increased by 2.4 million barrels from the previous week, the U.S. Energy Information Administration said Wednesday.
The data made investors worried that oil supply would still surpass the demand even at a time when oil output from Saudia Arabia, a major oil exporter, declined due to drone attacks on its key oil facilities earlier this month.
The West Texas Intermediate for November delivery decreased 0.08 U.S. dollar to settle at 56.41 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery added 0.35 dollar to close at 62.74 dollars a barrel on the London ICE Futures Exchange.
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