Oil prices drop on swelling US stockpiles, but markets remain tense

Author:

Reuters

article author:

ID:

1558508552655364300

Wed, 2019-05-22 07:00

SINGAPORE: Oil prices fell on Wednesday after industry data showed an increase in US crude inventories and as Saudi Arabia pledged to keep markets balanced.
However, analysts said oil markets remained tight amid supply cuts led by producer group OPEC and as political tension escalates in the Middle East.
Brent crude futures were down 39 cents, or 0.5 percent, at $71.79 a barrel by 0658 GMT.