Oil prices were down on Wednesday in Asia as the U.S. Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and the American Petroleum Institute (API) reported a surprise increase in crude stockpiles.
U.S. Crude Oil WTI Futures were down 1.5% to $52.43 by 12:40AM ET (04:40 GMT). International Brent Oil Futures fell 1.5% to $61.36.
In a monthly report, the EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd.
In a separate weekly report, the API said U.S. crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, compared with analysts' expectations for a decrease of 481,000 barrels.
Source : Investing.com