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Oil under pressure on US stockpiles rise

FXStreet (Mumbai) - Oil prices at both the sides of the Atlantic declined on Thursday on increasing stockpiles in the US amid global growth slowdown.

At the time of writing, WTI oil was down 19 cents at USD 46.45/barrel. Brent had trimmed losses to trade largely unchanged on the day around USD 49.70/barrel. Data from industry group the American Petroleum Institute on Wednesday showed that U.S. crude inventories rose by 9.4 million barrels in the week to Oct. 9.

Earlier this week, data in China showed a sharp drop in the imports. Meanwhile, the US retail sales also printed lower than expected. Both data heightened concerns regarding the global economy, which means the demand for crude is likely to stay low.

However, the losses are somewhat capped due to the weakness in the USD index.

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