U.S. oil inventories unexpectedly increased while new home sales declined, raising concerns about energy demand in the world’s largest economy.
In London, December Brent crude futures also fell by 2.06 USD/barrel to 75.86 USD/barrel. According to data from the U.S. Energy Information Administration (EIA), crude oil inventories rose less than expected last week due to higher imports; however, gasoline inventories unexpectedly increased by 1.7 million barrels.
The oil market closely monitors economic data and stock market performance for signs of recovery in fuel demand. Therefore, the news that U.S. new home sales in September unexpectedly fell for the first time in six months put strong pressure on oil prices.
(Vietstock 29/10)
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