Fears of falling demand, surging U.S. stockpiles send oil prices plunging (seekingalpha.com)

•The U.S. Energy Information Administration yesterday cut its 2019 world oil demand growth forecast by 160K bbl/day to 1.22M bbl/day, a 15% cut from the prior month’s forecast, playing into concerns about global economic growth driven partly by trade tensions between the U.S. and China.

•U.S. crude inventories spiked by 4.85M barrels in the week ended June 7 to 482.8M barrels, according to data from the American Petroleum Institute, compared with analyst expectations for a decrease of 481K barrels.
more at source: https://seekingalpha.com/news/3470691-fears-falling-demand-surging-u-s-stockpiles-send-oil-prices-plunging

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