On Thursday, Oil prices dipped by 1.38 percent to close at $54.5 per barrel after rising recession concerns dampened the demand prospects for Crude. Prices were further pressurized after the data from industry group the American Petroleum Institute (API) showed U.S. crude stocks unexpectedly raised last week.
Crude inventories climbed 3.7 million barrels to 443 million, compared with analysts' expectations for a decrease of 2.8 million barrels, the API said.
Crude inventories climbed 3.7 million barrels to 443 million, compared with analysts' expectations for a decrease of 2.8 million barrels, the API said.
China, one of the biggest oil consumers witnesses a significant drop in industrial output growth falling over its 17-year low. Weakening of Chinese economy amid escalating tension between U.S. & China clouded the outlook for global Crude demand. However, both the countries might resume their trade negotiations but an actual trade might take some time.
Crude inventories climbed 3.7 million barrels to 443 million, compared with analysts' expectations for a decrease of 2.8 million barrels, the API said.
Crude inventories climbed 3.7 million barrels to 443 million, compared with analysts' expectations for a decrease of 2.8 million barrels, the API said.
China, one of the biggest oil consumers witnesses a significant drop in industrial output growth falling over its 17-year low. Weakening of Chinese economy amid escalating tension between U.S. & China clouded the outlook for global Crude demand. However, both the countries might resume their trade negotiations but an actual trade might take some time.
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