Oil Falls on Rising U.S. Inventories, Worries of Oversupply
U.S. oil benchmark falls 0.8% to $61.10 to enter bear market
*U.S. oil benchmark falls 0.8% to $61.10 to enter bear market
*20% drop from recent high ends WTI’s longest bull market since 2008
*Oil prices fall on rising U.S. inventories, worries of oversupply
(This article will be updated)
Oil prices rose Thursday morning in a small rebound after data showing expanding inventories in America sent prices lower in the previous session. Record monthly imports of crude into China helped support prices, analysts said.
Brent crude, the global oil benchmark, was trading up 0.2% at $72.20 a barrel midmorning on London’s Intercontinental Exchange. However, it was still down almost 17% from its four-year high of $86.74 a barrel hit in October, putting it close to a bear market, which is generally defined as a decline of 20% from the recent peak.
West Texas Intermediate futures, the U.S. oil standard, were trading up 0.02%, at $61.68 a barrel on the New York Mercantile Exchange.