Brent crude and West Texas Intermediate are trading lower today after yesterday's short term recovery on solid U.S. GDP growth but markets are concerned that the growing U.S. economy won't be sufficient to boost demand enough to support prices.
Oil is set for the biggest annual loss since 2008 amid the highest U.S. output in more than three decades and signs of slowing global demand growth. Prices have almost plunged by 50% in 6 months and have dropped 20 percent since the Organization of Petroleum Exporting Countries decided to maintain output at 30 million barrels a day at their November-meeting in Vienna.
Today investors are looking ahead to the official U.S. Crude Oil Inventories due at 15:30 GMT.
Brent Crude declined by -1.51%, currently trading at USD60.76 a barrel. West Texas Intermediate lost -1.66% currently quoted at USD56.17.
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