Oil Price Falls on Slower Inventory Drawdown

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U.S. data triggers worries that the supply overhang would last for longer

Crude Oil: $49.07 barrel, Natural gas: $3.192/MMBtu, Gold:$ 1257.50 per troy oz


Oil prices pulled back on Thursday, paring gains after the U.S. reported mixed data showing the pace of inventory falls slowed, triggering worries that the supply overhang would last for longer.

A fall in production, however, helped underpin prices.

Brent crude, the global oil benchmark, fell 1.2% to $51.59 a barrel on London’s ICE..Read more.


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