Code 140535
PublishDate: Friday, May 31, 2019 23:58

Oil prices fail to recover from three-month low

AVA- International benchmark Brent crude was trading at $64.34 per barrel at 0700 GMT for a 1.3% loss after it closed Thursday at $65.19 a barrel.
American benchmark West Texas Intermediate (WTI) was at $55.85 a barrel at the same time with just a slight dip from the previous day when it closed at $55.89 per barrel.
On Thursday, Brent crude lost 6.1% to mark its largest single day loss this year. It hit as low as $64.97 a barrel -- the lowest since March 4, according to official figures.
WTI lost 5% on Thursday down to $55.82 per barrel, hitting its lowest level since March 6.
The sudden decline in crude prices came as global oil demand is expected to remain weak this year due to trade tensions between the U.S. and China, the world's two largest oil consumers.
On the supply side, the daily loss in prices also came after data showed that crude oil production in the U.S. remained at a record high level to sustain pressure on prices.
Crude oil output in the U.S. showed a record high level of 12.3 million bpd (mbpd) for the week ending May 24, according to data released by the Energy Information Administration (EIA) on Thursday.


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