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Oil prices fell on signs of rising supply and concerns about a global economic slowdown. U.S. crude inventories rose for a sixth straight week, and OPEC October output reached its highest since 2016.
Brent was down 8.8 percent and WTI 10.9 percent for October.
Rising OPEC and U.S. output plus inventory builds signal oversupply, a bearish signal for crude and energy-linked costs, while weaker demand expectations reinforce the downside.
business-standard.comBusiness StandardNov 1, 2018Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Rising US inventories for a sixth week, OPEC output at its highest since 2016 and growth worries directly drove Brent lower in the window ending Nov 1.
Same-day rising U.S. inventories for a sixth week, OPEC output at a 2016 high and slowdown worries add to the supply-glut and demand narrative.
