Economy

Oil prices fall as U.S. inventory build-up heightens oversupply concerns



Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. inventories and a widening rift within OPEC heightened oversupply fears.

 

Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70% after record losses in March.

 

As of 0345 GMT, Brent crude was down by 47 cents, or 1.8%, at $25.88 a barrel. U.S. West Texas Intermediate crude was up 12 cents, or 0.6%, at $20.6 a barrel, an uptick analysts said was driven by position building at the start of a the new quarter.

 

U.S. crude inventories rose ...
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Commemoration of 3 Kurdish activists shot in Paris


Thursday, Kurds saluted the seventh anniversary of the assassination of 3 Kurdish women activists in France.

 

The crime took place on January 9, 2013, targeting 3 female Kurdi...


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Quarantined citizen in Sulaymaniyah: services provided are impossible for major countries


One of the citizens inside a quarantine center in the city of Sulaymaniyah said that what the medical and administrative staff provide is not possible for major countries to provide, and that the q...


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‘Wash Our Hands? Some People Can’t Wash Their Kids for a Week.’


In northwestern Syria, where a million people who have fled the civil war are sheltering in muddy tent camps and abandoned buildings, the spread of the coronavirus could wreak untold disaster on a ...


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