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The oil industry is facing the brunt of the crude stock. Thursday, Oct 17, 2019, recorded further slide in Oil prices as US inventory was prepared. Brent crude oil prices reduced by 39 cents while U.S. WTI crude oil was down by 43 cents.
The American Petroleum Institute (API) said crude inventories rose by 10.5 million barrels, now they are 432.5 million barrels. With oil stock in abundance and Oil demand lesser than usual, the Oil prices are seeing a downward trend. This situation may continue as the US-China Trade War is still not concluded. Hopes are set on the Brexit deal. Let’s see how the deal affects on Oil prices.