Oil futures prices fell by nearly 1 USD in the session of January 19 in Asia, continuing the decline of the previous session, when crude oil reserves of the US suddenly increased, putting pressure on the market along with concerns about recession riskafter data on US industrial output and retail sales were less positive.
Oil prices Brent futures delivery fell 84 US cents, or 1%, to $84.14 per barrel at 14:10 (Vietnam time). U.S. light sweet crude (WTI) futures fell 91 cents, or 1.1%, to $78.57 a barrel.
Worse US economic data has weighed on the oil demand outlook, as recession fears re-emerge, according to Tina Teng, an analyst at financial services firm CMC Markets.
Retail sales in December in the US fell by the most in a year, while manufacturing output also fell the most in nearly two years, as rising interest rates dented demand for goods.
However, the officials U.S. Federal Reserve said that inflation needs to rise above 5%, even though inflation has shown signs of peaking and economic activity has slowed.
[IEA: Trung Quốc sẽ thúc đẩy nhu cầu dầu thế giới lên mức cao mới]
Meanwhile, data from the American Petroleum Institute showed that the country’s crude oil inventories increased by about 7.6 million barrels in the week ended January 13.
The median forecast of nine analysts polled by Archyde.com was a drop of 600,000 barrels.
This is the second week in a row that US oil inventories have increased sharply.
The US Energy Information Administration will release its weekly inventory report on January 19.
Le Minh (VNA/Vietnam+)