Tuesday, 23 July 2019
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Oil Prices Mixed; Trade Concerns, Fed's Warnings On Economic Slowdown In Focus
Thursday, 21 March 2019 14:04 WIB | ENERGY |Minyak WTIMinyak jenis BrentMinyak Mentah

Oil prices were mixed on Thursday in Asia as the U.S. Federal Reserve highlighted signs of a slowing economy and raised concerns of slowing economic growth.

U.S. Crude Oil WTI Futures was down 0.1% to $60.13 by 12:56 AM ET (04:56 GMT). International Brent Oil Futures edged up 0.2% to $68.60.

On Wednesday, The Fed flagged slowing global and domestic growth as it left its benchmark rate in a range of 2.25% to 2.5%. The central bank also signalled there will be no more rate hikes in 2019.

Oil prices received support the previous day on the Energy Information Administration (EIA)'s announcement of an unexpected drawdown of nearly 10 million barrels in U.S. crude inventories last week. Analysts had expected a 300,000-barrel build.

The EIA report also showed U.S. gasoline inventories fell by 4.59 million barrels, nearly twice the expected draw of 2.41 million barrels. Distillate stockpiles dropped by 4.13 million barrels, compared to forecasts for a decline of 1.09 million.

Source : Investing.com

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