Brent Oil Falls Back to $110 on Stockpile Fears

U.S. crude oil fell nearly $1 per barrel on Tuesday, on expectations that inventories are building and diesel demand is falling as winter weather eases.

Brent crude fell also, though not by as much, as traders weighed more signs of slowing growth in China against persistent oil production outages in Libya and South Sudan that have supported the European benchmark’s prices.

U.S. commercial crude oil inventories likely rose last week by 1.4 million barrels, according to a Reuters poll Monday, which would be the second week of gains.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.