Crude Slides on Oversupply Concerns Amid Record US Commercial Stocks

Crude oil futures were trading lower in mid-morning trade in Asia June 11 as data indicating record-high US commercial inventories raised concerns of oversupply amid tepid demand recovery indications. At 10:20 am Singapore time, ICE Brent August crude futures was 93 cents/b (2.23%) lower from the settle on June 10 at $40.80/b, while the NYMEX July light sweet crude contract was $1.02/b (2.58%) lower at $38.58/b

“The recent rally in crude oil prices stalled as rising inventories showed the path to a recovery will be a rocky one,” ANZ analysts said in a June 11 note. US commercial crude stocks surged 5.72 million barrels to 538.07 million barrels during the week ended June 5, according to US Energy Information Administration data released June 10…

View entirety: S&P Global Platts