Follow us:
  • Facebook
  • Twitter
  • Google+
  • AppStore
  • RSS
Azernews.Az
Sunday January 24 2021
  • Latest
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel
Home
  • Home
  • Nation
  • World
  • Business
  • Oil & Gas
  • Armenian Aggression
  • Nagorno-karabakh conflict
  • Editorial
  • Analysis
  • Lifestyle
  • Events
  • Healthcare
  • Culture
  • Sports
  • Travel

Oil prices decline amid rising U.S. inventories, weak economic data

3 October 2019 11:42 (UTC+04:00)
1 515

By Trend

Oil prices extended losses on Wednesday as rising U.S. crude stockpiles fed fears of oversupply and downbeat economic data dimmed outlook for energy demand, Trend reports citing Xinhua.

U.S. crude oil inventories climbed during the week ending Sept. 27, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 3.1 million barrels from the previous week, higher than analyst expectations for an increase of 1.6 million barrels.

Meanwhile, a slew of newly-released weak data in the world's largest economy weighed on the prospect for oil demand.

U.S. private sector employment increased by 135,000 jobs in September, a drop from 157,000 in August, according to the monthly ADP National Employment Report released on Wednesday. Economists polled by Econoday had forecast a gain of 152,000.

The employment data came one day after figures from the Institute for Supply Management showed U.S. manufacturing PMI (Purchasing Managers' Index) fell to 47.8 percent in September, marking the lowest level since June 2009.

"Oil prices are finding it virtually impossible to break out of their defensive stance because weak U.S. economic data are fuelling renewed concerns about demand," Carsten Fritsch, energy analyst at Commerzbank Research said in a note.

The West Texas Intermediate for November delivery fell 0.98 U.S. dollar to settle at 52.64 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery declined 1.2 dollars to close at 57.69 dollars a barrel on the London ICE Futures Exchange.

---

Follow us on Twitter @AzerNewsAz  

  • #OIL PRICES

Related News

Oil prices dip on rising virus cases; expected stock draw stems losses

Oil prices dip on rising virus cases; expected stock draw stems losses

12 January 15:34
Oil hits 11-month high after Saudi Arabia pledges voluntary output cut

Oil hits 11-month high after Saudi Arabia pledges voluntary output cut

6 January 15:14
Oil prices touch multi-month highs as OPEC+ expected to cap output

Oil prices touch multi-month highs as OPEC+ expected to cap output

4 January 15:50
Oil price rally builds steam as coronavirus vaccine rollouts begin

Oil price rally builds steam as coronavirus vaccine rollouts begin

11 December 2020 12:19
IMF: Oil prices to average at $41 in 2020

IMF: Oil prices to average at $41 in 2020

14 October 2020 17:58
Oil prices steady after falling amid return of supply

Oil prices steady after falling amid return of supply

13 October 2020 13:28
Oil gains but heading for weekly fall over coronavirus demand concerns

Oil gains but heading for weekly fall over coronavirus demand concerns

25 September 2020 14:29
Oil prices fall as growing U.S. stockpiles signal bumpy demand recovery

Oil prices fall as growing U.S. stockpiles signal bumpy demand recovery

10 September 2020 11:18
Oil prices fall as fuel demand concerns grow after end of U.S. summer driving season

Oil prices fall as fuel demand concerns grow after end of U.S. summer driving season

8 September 2020 11:44
Oil gains on U.S. stock draw, economic recovery optimism

Oil gains on U.S. stock draw, economic recovery optimism

2 September 2020 15:40
  • Latest
  • Popular
10:00 • Azerbaijani president expresses condolences to Ukranian counterpart
23 January 18:00 • Azerbaijan confirms 705 more COVID-19 recoveries
23 January 15:44 • Azerbaijan shares footage from Ashaghy Maralyan village of Jabrayil district
23 January 15:16 • Azerbaijan and Turkey ink MoU to support SMEs
23 January 15:00 • Standard & Poor's upgrades Azerbaijan's credit rating outlook
23 January 14:24 • Karabakh's geography allows developing various tourism products - Azerbaijan Tourism Board
23 January 14:05 • Cooperation on North-South Corridor to be researched during Iran’s FMA visit to Azerbaijan
23 January 13:40 • Azerbaijan producing lubricants based on new components
23 January 13:10 • Minister says Iran boosts oil export
23 January 12:37 • Azerbaijan to soon start issuing lump-sum subsidies to orchard farmers
23 January 12:00 • Cancelling SMS permits due to eased quarantine raises passenger traffic in Baku
23 January 11:40 • Socio-economic situation in Armenia deteriorating - Azerbaijani MP
23 January 11:15 • Azerbaijan to soon start issuing lump-sum subsidies to orchard farmers
23 January 10:40 • Armenian volunteers protest non-payment of compensation for fighting in Karabakh war
23 January 10:20 • Cargo transport via Baku Port up by 20 pct in 2020
23 January 10:00 • Azerenergy building new substation in liberated Shusha city [PHOTO]
22 January 19:50 • Azercell is always leading with its exemplary service quality
22 January 19:38 • Azerbaijan shows footage from Yukhari Abdurrakhmanli village of Fuzuli [PHOTO/VIDEO]
22 January 19:27 • Demand for notes of Central Bank of Azerbaijan exceeds supply
22 January 19:15 • Azerbaijan developing employment programs for future residents of liberated lands [PHOTO]
23 January 10:40 • Armenian volunteers protest non-payment of compensation for fighting in Karabakh war
23 January 15:16 • Azerbaijan and Turkey ink MoU to support SMEs
23 January 10:20 • Cargo transport via Baku Port up by 20 pct in 2020
23 January 12:00 • Cancelling SMS permits due to eased quarantine raises passenger traffic in Baku
23 January 14:05 • Cooperation on North-South Corridor to be researched during Iran’s FMA visit to Azerbaijan
23 January 15:44 • Azerbaijan shares footage from Ashaghy Maralyan village of Jabrayil district
23 January 15:00 • Standard & Poor's upgrades Azerbaijan's credit rating outlook
23 January 13:10 • Minister says Iran boosts oil export
23 January 18:00 • Azerbaijan confirms 705 more COVID-19 recoveries
23 January 10:00 • Azerenergy building new substation in liberated Shusha city [PHOTO]
23 January 12:37 • Azerbaijan to soon start issuing lump-sum subsidies to orchard farmers
23 January 11:40 • Socio-economic situation in Armenia deteriorating - Azerbaijani MP
23 January 14:24 • Karabakh's geography allows developing various tourism products - Azerbaijan Tourism Board
23 January 13:40 • Azerbaijan producing lubricants based on new components
23 January 11:15 • Azerbaijan to soon start issuing lump-sum subsidies to orchard farmers
10:00 • Azerbaijani president expresses condolences to Ukranian counterpart
See more
AzerNews Newspaper
AzerNews
  • Facebook
  • Twitter
  • Google+
  • RSS

Information

About us Contacts Advertising Azernews In Print

News Archive

© 2021 AzerNews. All rights reserved