Oil dips as U.S. inventory build stokes supply fears – ZAWYA

Oil dips as U.S. inventory build stokes supply fears – ZAWYA

Oil dips as U.S. inventory build stokes supply fears | ZAWYA MENA Edition HomeMarketsCommoditiesArticleOil dips as U.S. inventory build stokes supply fears Prices were little changed in the previous session and have been held in a narrow band over the past two weeks    Image used for illustrative purpose. Joint stock company Mozyr Oil Refinery is pictured near the town of Mozyr, Belarus January 4, 2020. TOKYO: Oil prices eased in early trade on Wednesday as industry data showing a build in U.S. crude stockpiles and a forecast for U.S. crude output to fall less than anticipated in 2020 added to worries about oversupply.Brent crude LCOc1 futures fell 13 cents, or 0.3%, to $42.95 a barrel by 0019 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped 10 cents, or 0.3%, to $40.52 a barrel.Prices were little changed in the previous session and have been held in a narrow band over the past two weeks as concerns about a spike in coronavirus cases globally tempers optimism about a recovery in fuel demand.Brent crude LCOc1 futures fell 13 cents, or 0.3%, to $42.95 a barrel by 0019 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped 10 cents, or