Oil Slips as U.S. Crude Inventories Show Signs of Increasing

Oil fell, compounding a monthly decline, after U.S. crude inventories were said to rise by more than expected.

Futures in New York fell 0.6 percent, set for the first monthly drop since February. On Wednesday, the American Petroleum Institute was said to report a 1 million barrel increase in crude stockpiles, double the gain forecast in a Bloomberg survey of analysts. Prices have declined about 4 percent since Saudi Arabia and Russia last week proposed to phase out supply curbs by OPEC and its allies.

Oil had surged earlier this month — with benchmark Brent climbing above $80 a barrel — driven by Donald Trump’s decision to renew American sanctions on OPEC member Iran and as Venezuelan output plunged amid an economic crisis. More recently, prices have been weighed down by concerns over the Saudi-Russia plan to revive output, as well as fears over U.S.-China trade frictions and European political turmoil.
more at: https://www.msn.com/en-us/finance/markets/oil-slips-as-us-crude-inventories-show-signs-of-increasing/ar-AAy2P5m