Oil prices fall 3%

 Oil prices fall 3%

Oil prices fell 3% today, weighed down by a weaker demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts.

Brent crude futures were down more than 3%, at $60.61 a barrel, while WTI crude futures were down to $51.7 per barrel, by 12:06 Moscow time.

The U.S. Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and U.S. crude oil production in a monthly report released on Tuesday.

The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd and wound back its forecast for 2019 U.S. crude production to 12.32 million bpd, 140,000 bpd less than the May forecast.

A surprise increase in U.S. crude stockpiles also kept oil prices under pressure, Reuters reported.

U.S. crude inventories rose by 4.9 million barrels in the week ended June 7 to 482.8 million barrels, according to data from the American Petroleum Institute (API) on Tuesday. That compared with analyst expectations for a decrease of 481,000 barrels.

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