Singapore — Oil prices slipped on Thursday, paring earlier gains, weighed down by lingering worries about the global economy and bigger-than-expected builds in oil product inventories in the US, the world’s biggest oil consumer.West Texas Intermediate crude futures were down 2 cents at $55.66 per barrel.
“Overall oil prices have come under pressure from worries about the China-US trade war, signs of slowing economic activity, evidence of slowing end-user oil demand, and reports of counter-seasonal OECD [product inventories,” energy analytics firm Kayrros said in a note. Oil traders, along with equity and bond markets, are awaiting a speech from Federal Reserve chair Jerome Powell on Friday at an economic conference in Jackson Hole, Wyoming that could indicate whether the central bank will continue to cut interest rates and ease monetary policy.
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