Oil prices sputter near 3-month lows as demand concerns mount
Oil prices struggled on Wednesday after sliding to their lowest levels in over three months in the previous session, weighed down by concerns over waning demand in the world’s top oil consumers, the United States and China.
“The market is clearly less concerned about the potential for Middle Eastern supply disruptions and is instead focused on an easing in the balance,” said Warren Patterson and Ewa Manthey, analysts from ING bank, in a note to clients, referring to an easing in tight oil supply conditions.
U.S. crude oil stocks rose by almost 12 million barrels last week, market sources said late on Tuesday, citing American Petroleum Institute figures.