Rising Output Likely To Cause Oil To Dip After Stabilizing – 31 October, 2019

The uncertainty over the global economy and demand caused oil prices to fall this week before settling slightly higher. International Brent crude gained 0.1% or 6 cents to $59.68 per barrel. U.S. crude gained 0.3% or 15 cents to $54.33. Ongoing trade tensions between the U.S. and China have left a cloud of uncertainty over the global economy, with many experts seeing no good end in sight. After analysts expected the U.S. crude stockpile to grow by a mere 494,000, the country far surpassed expectations, growing by 5.7 million barrels last week. Crude production in the U.S. grew by roughly 600,000 barrels per day in august and hit a record of 12.4 million barrels.