Economic news

Oil moves down weighed by growing U.S. inventories

Prices of oil slipped today after reports of U.S. oil inventories increase in the previous week, which goes counter forecasts of a sharp drop, accompanied by renewed worries over slow rise of demand.

Photo: Reuters

Brent futures went down 43 cents to $71.73 per barrel.

U.S. WTI decreased 50 cents to $67.58 a barrel.

Oil has stabilized following steep falls of last and current weeks due to Venezuelan supply problems, as experts predict a slump in U.S. inventories by 3.6 mln barrels during July 9-13.

Yesterday the American Petroleum Institute released data that there has been a hike by more than 600,000 barrels causing the return of excessive supply threat.

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