empty
 
 

2019.03.2515:40:00UTC+00Crude Oil Futures Settle Lower Again On Growth Concerns

Crude oil prices edged lower on Monday, as fears of a drop in energy demand due to global economic slowdown outweighed optimism over OPEC-led supply cuts and the U.S. sanctions on Iran and Venezuela.

The recent downward revisions in inflation and growth forecasts by the U.S. Federal Reserve due to ongoing headwinds from trade tensions and growing political fragmentation, and the notable drop in 10-year treasury yields impacted oil prices.

West Texas Crude oil futures for May ended down $0.22, or 0.4%, at $58.82 a barrel.

On Friday, crude oil futures for May ended down $0.94, or 1.6%, at $59.04 a barrel.

The focus will now be on weekly oil reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA). While the former will release its report on Tuesday afternoon, the latter will come out with its data on Wednesday morning.

In the week ended March 15, U.S. crude stockpiles dropped by 9.6 million barrels, the largest decline since July, boosted by strong export and refining demand. That compared with analysts' expectations for an increase of 309,000 barrels.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback