U.S. oil prices wavered early Wednesday as investors continued to wrestle with rising crude supplies against lingering questions about demand. More signs of strong supply data may drive price action as the U.S., Russia and Saudi Arabia are pumping crude at record levels, causing global supply to significantly outrun demand, a monthly update from the International Energy Agency showed Wednesday. IEA also said crude output from the world’s three biggest producers is holding global supply steady, at around 100.7 million barrels a day last month. That’s 2.6 million barrels a day higher than the same period last year. Click read more below for additional detail.
Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes.
Benchmark Brent crude (LCOc1) fell below $70 a barrel for the first time since early April, down more than 18 percent since reaching four-year highs at the beginning of October.
“There is no slowing down the bear train,” said Stephen Brennock, analyst at London brokerage PVM Oil. “Instead, the energy complex has extended a rout driven by swelling global supplies and a softening demand outlook.”
more detail at: https://finance.yahoo.com/news/oil-prices-down-20-percent-015431732.html