Oil futures lag lower as World Bank lowers forecasts| MENAFN.COM

Wednesday, 29 June 2022 06:09 GMT

Oil futures lag lower as World Bank lowers forecasts

(MENAFN- ProactiveInvestors)Crude futures prices lagged lower on  Thursday as traders took flight on lower global growth forecasts from the World Bank. It comes after prices for the black gold had been on the up in recent days. At  the time of writing Brent crude for July delivery was down 1.2% to US$64.89 while the US benchmark West Texas Intermediary fell 1.303% lower to US$60.64 a barrel. The institution reckons the global economy will now expand 2.8% this year. But that figure is below the 3% outlook in January. On Wednesday prices were buoyed after American stockpile stats. Weekly figures from the American Petroleum Institute showed that the crude surplus reduced by a larger margin than experts had predicted. According to API inventories reduced by 6.7mln barrels last week to 473mln. Corresponding and more closely followed inventory figures from the US Energy Department yesterday revealed a 6.8mln barrel drop versus analyst expectations of just a 1.7mln barrel draw.

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