Slowing Economic Growth Targets Oil Prices – 23 January, 2019

Concerns of lower fuel demands caused by slowing economic growth and the current build of U.S. crude inventories cause oil prices to dip. Brent crude oil futures dropped 25 cents and 0.4 percent to $60.89 per barrel and closed 0.6 percent lower the previous session. U.S. West Texas Intermediate crude futures fell 22 cents at $52.40 per barrel. The International Monetary Fund cut its forecast for economic growth in the next couple of years, leaving the future of oil and its demand in a bit of a fog. Despite analysts expectations of U.S. oil cuts, inventories rose by 6.6 million barrels per day to 443.6 million last week.