Rising Supplies Cause Oil Prices To Dip – 31 October, 2018

Signs of rising oil supplies have caused prices to dip, with concerns of weakening demand and economic slowdown. Both of the biggest benchmarks, Brent crude and West Texas Intermediate crude, had their worst monthly performances since July 2016. Brent crude futures was down 0.32 percent and 44 cents to $74.72 per barrel, down 8.8 percent for the month, and West Texas Intermediate crude futures dipped 46 cents to $65.01 per barrel, down 10.9 percent for the month. During the month of October, OPEC increased its production to its highest levels since 2016, and U.S. crude inventories rose for their sixth consecutive week.