Oil Prices And U.S. Inventories Rise On Global Factors – 18 October, 2018

Ongoing trade war concerns and the possible death of a Saudi journalist along with growing U.S. crude inventories are paving the way for lower oil prices despite prices having nudged up today. U.S. West Texas Intermediate crude was up last priced at $68.92 per barrel, up 27 cents and 0.4 percent. Brent crude was up to $78.63 per barrel, rising 34 cents and 0.4 percent. Both U.S. crude and Brent were on track for a second weekly decline with U.S. crude down 3.5 percent and Brent down 1.1 percent. U.S. inventories rose and production slipped as offshore facilities temporarily shut down until Hurricane Michael passes, with production slipping by 300,000 barrels per day to 10.9 million bpd last week.