Oil Down For A Second Day As U.S. Gulf Of Mexico Output Returns

www.oann.com | 11/14/2018 | Staff
nallynally (Posted by) Level 4
TOKYO (Reuters) – Oil prices fell for a second day on Tuesday as more production facilities returned to operation in the U.S. Gulf after Hurricane Barry swept through over the weekend, while Chinese economic data dimmed the outlook for crude demand.

Brent crude futures were down 10 cents, or 0.2%, at $66.38 a barrel by 0028 GMT. They fell 0.4% overnight.

US - Crude - Cents - % - Barrel

U.S. crude fell by 10 cents, or 0.2% to $59.48 a barrel. The U.S. benchmark fell about 1% in the previous session.

Both contracts last week made their biggest weekly gains in three weeks as U.S. oil inventories fell and diplomatic tensions rose in the Middle East.

Producers - Monday - % - Output - US

But as producers on Monday began restoring some of the nearly 74% of output that was shut at U.S. Gulf of Mexico platforms ahead of Hurricane Barry, concerns about oversupply returned to the fore.

And while Chinese data on Monday showed industrial output and retail data beat expectations, overall figures showed the country’s slowest quarterly...
(Excerpt) Read more at: www.oann.com
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