Oil falls on US inventory data

Oil drilling rigs

Oil slipped today, Nov. 16, after US inventory data showed an increase and amid concerns over dwindling Chinese demand.

 

International benchmark Brent crude was trading down 0.63% at $80.67 a barrel, at 09:04 am Makkah time. West Texas Intermediate (WTI) crude fell 0.72% to $76.11 a barrel.

 

US Energy Information Administration data released on Nov. 15 showed that US oil inventories rose by 3.6 million barrels last week, after increasing by 13.9 million barrels in the previous week, while the US oil production rate stabilized at 13.2 million barrels per day.

 

"Concerns over a record-high US production rate put fresh pressure on oil prices, adding to an already worrisome demand outlook," said Tina Teng, Markets Analyst at CMC Markets, Reuters reported.

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