US West Texas Intermediate (WTI) crude oil slumped over 4 per cent on Wednesday to hit a 6-1/2-year low as a huge unexpected stockpile build in the United States reinforced concerns about a growin...
The prices were hit by soaring production and a slowdown in global buying, including from India and China which until recently have been pillars of strong demand.
Japan's economy, the second biggest in Asia and No. 3 in the world, shrank in the second quarter from a year earlier, adding to fears that slowdowns in Asia's biggest economies will weigh on oil d...
Analysts said they expected China's government to intervene further to stimulate growth as its industrial output growth continued to slow.
Asian consumption of fuels has beaten expectations due to demand stemming from structural changes in the economies of Asia's biggest oil users, vindicating for now OPEC's decision six months ago...
Oil prices jumped after US inventories built up more slowly than expected and talks between major oil producers this week triggered speculation of production cuts.
The US Energy Information Administration expects US shale production to fall by 45,000 barrels to 4.98 million barrels per day in May from April.
Front-month Brent crude futures were trading up 13 cents a $58 a barrel by 12:19 am, while US crude had also risen 13 cents to $51.77.
The fall came after oil prices jumped more than 5 per cent on Monday as traders reassessed how quickly Iran might increase exports after a preliminary nuclear deal.
Iran and world powers are trying to reach an agreement in nuclear negotiations by a Tuesday deadline.
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