U.S. Crude Stockpile Continues To Grow, Prices Drop – 28 October, 2019

Weak Chinese data caused oil prices to dip from four days of gains, with U.S. crude stockpile expected to rise. U.S. West Texas Intermediate crude shed 1.5% or 85 cents to $55.81 per barrel after hitting $56.92, its highest in a month. International Brent crude futures dropped 0.7% or 45 cents to $61.57 per barrel, reaching $62.34, its highest in a month. U.S. stockpiles out of Oklahoma reached as high as 1.5 million barrels last week, having built up over three weeks. Chinese industrial companies profits slipped for a second month, with producers prices dropping due to a the U.S.- China trade war and a slower economy. U.S. output reached a new record at 12 million barrels per day in production this year, despite OPEC’s efforts to cut back to provide balance in the market, making the U.S. the worlds largest oil producer.