Crude Oil Price Movement to 11/06/19

Posted On June 12th, 2019 - 12:20 pm | by Oil and gas press

The price of OPEC basket of fourteen crudes stood at $62.56 a barrel on Tuesday, 11 June 2019, compared with $63.01 the previous day, according to OPEC Secretariat calculations.

Brent crude futures, the international benchmark for oil prices, were down $1.16, or 1.86 per cent, at $61.13 a barrel by 0616 GMT.

US West Texas Intermediate (WTI) crude futures were down $1.04 cents, or 1.95 per cent, at $52.23 per barrel.

The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude oil production in a monthly report released on Tuesday.

US crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, according to data from the American Petroleum Institute (API) on Tuesday.

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