Oil Prices Down More Than 2% and Brent Crude Drops to USD 60.93 per Barrel


June 12, 2019


Oil prices fell more than 2% on Wednesday, pressured by an unexpected rise in U.S. crude inventories and by a weaker outlook for global oil demand.


Brent crude futures, fell by $1.36, or 2.2%, to $60.93 a barrel, while U.S. crude futures dropped by $1.39, or 2.6%, to $51.88 a barrel.


Oil futures extended losses after the U.S. Energy Information Administration (EIA) reported domestic crude stockpiles climbed last week by 2.2 million barrels. Analysts surveyed by Reuters forecast a decrease of 481,000 barrels.