Wednesday 22 May 2019

Oil price dip fuels fears of US slump

MIXED signs about the strength of the US economy and crude demand have become evident after oil slipped below the key $100-a-barrel mark.

Benchmark oil for July delivery was down 52 cents to $98.85 a barrel.

In London, Brent crude for July delivery was down 97 cents to $118.38 a barrel on the ICE Futures exchange.

Crude has zigzagged near $100 since falling from $115 in early May as investors mull signs of a sluggish US economy.

Excluding car sales, US retail sales rose 0.3pc last month, which was better than analysts had expected.


However, petrol sales were down 1pc last week from a year ago, according to the latest survey by MasterCard SpendingPulse.

Some analysts expect growing crude demand from developing countries will offset weak consumption in richer nations. Oil will likely trade sideways for the next three to six months before rising to finish this year near $120, Bank Sarasin said in a report.


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