Oil Prices Remain Volatile

Thursday, October 17, 2019

Concerns on a slowing global economy, growing inventories out of the US and weaker demand growth continuef to hold oil prices under $60 barrel.

Global benchmark Brent crude oil was down by 15 cents at $59.27 a barrel on Thursday while U.S. WTI crude oil was down 23 cents at $53.13. The OPEC barrel averaged 59.28 a barrel on Wednesday.

The industry is pinning its hopes that OPEC members and their non-OPEC partners will extend the supply cuts at their upcoming meeting set for December.

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