Inventory rise in US, fears of China industrial cutbacks, pull oil back to $70 a barrel
Crude oil prices fell back to around $70 a barrel during the week ended 27 August as stocks rose in the US and China mulled cutting back its industrial production.
In the US, September West Texas Intermediate (WTI) was trading at about $70.20 a barrel, down $1.80 from a week before.
In Europe, September Brent was trading at $70.80 a barrel, down $3 a barrel from a week before.
The international oil cartel’s average price for its 12 member states’ oil was $70.44 a barrel on 26 August meanwhile, down $0.70 a barrel from seven days earlier.
Chinasaid that it was considering cutting back production in the key steel and cement industries on 27 August, as it is wary of over production.
News that oil stocks in the US, the world’s largest consumer, rose by 200,000 barrels to 343.8 million barrels in the week ended 21 August, also pushed prices down.
You might also like...
Contractors win Oman Etihad Rail packages
23 April 2024
Saudi market returns to growth
23 April 2024
Middle East contract awards: March 2024
23 April 2024
Swiss developer appoints Helvetia residences contractor
23 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.