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Oil prices fall as US fuel demand remains weak

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SINGAPORE: Oil prices edged decrease on Friday after US stock knowledge confirmed lacklustre fuel demand on the planet’s largest oil shopper whereas worsening US-China tensions weighed on international monetary markets.

Brent crude slipped 36 cents, or 1 per cent, to $34.93 a barrel by 0106 GMT and US West Texas Intermediate crude was at $33.20 a barrel, down 51 cents, or 1.5 per cent. Nonetheless, each contracts are set for a fifth weekly acquire, helped by manufacturing cuts and optimism about demand restoration in different nations.

Thursday’s knowledge from the Power Info Administration confirmed that US crude oil and distillate inventories rose sharply final week. Fuel demand remained slack even as varied states lifted journey restrictions that they had imposed to curb the coronavirus pandemic, analysts mentioned.

“Memorial Day weekend didn’t carry US motorists out in droves like many market bulls had been hoping,” RBC Capital Markets analyst Christopher Louney mentioned in a be aware.

Trying forward, merchants might be specializing in the result of talks on output cuts between members of OPEC+, the Group of the Petroleum Exporting International locations (OPEC) and allies together with Russia, within the second week of June.

Saudi Arabia and a few OPEC members are contemplating extending document manufacturing cuts of 9.7 million barrels per day past June, however have but to win help from Russia.

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