Crude Oil Futures End Lower Ahead Of Inventory Data

Trading 09 avr 2019 Donner votre avis

Crude oil futures pared early gains and ended lower on Tuesday as Russia's comments that it is likely to increase crude production outweighed concerns about the ongoing unrest in Libya and likely disruptions in supply.

Additionally, worries about crude demand resurfaced after the International Monetary Fund cut its outlook for global economic growth.

Meanwhile, traders were looking ahead to the weekly crude inventory data. While the American Petroleum Institute's weekly oil report is due later in the day, the official data from Energy Information Administration is due Wednesday morning.

West Texas Intermediate Crude oil futures for May ended down $0.42, at $63.98 a barrel, after rising to a high of $64.79.

On Monday, crude oil futures for May ended up $1.32, or 2.1%, at 64.40 a barrel, a more than 5-month high.

According to a Reuters report, a Russian official suggested Monday that Russia wanted to raise oil production when it meets with the Organization of the Petroleum Exporting Countries in June given improving market conditions and falling stockpiles.

The IMF today downgraded its outlook for growth in the United States, Europe, Japan and the overall global economy, citing the trade tensions, weaker business confidence, tighter financial conditions and higher policy uncertainty.

The IMF said in its World Economic Outlook that it expects the world economy to grow 3.3% this year, down from 3.6% in 2018. That would match 2016 for the weakest year since 2009. In its previous forecast in January, the IMF had predicted that international growth would reach 3.5% this year.

The IMF said the growth momentum is expected to gain steam in the second half of this year and projected a 3.6% growth for 2020, unchanged from the January prediction.

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