Oil Prices Add To Losses As Supplies Swell Amid Weak Demand

Both major benchmarks were headed for a second week of declines.

In the United States, stockpiles rose last week against expectation as refineries slowly returned to operations after production sites were shut down due to storms in the Gulf of Mexico and wider region.

“Crude production is starting to return following a couple of storms, but a weak demand outlook and the start of maintenance season will keep the pressure on oil prices,” said Edward Moya, senior market analyst at OANDA. 

Crude inventories in the United States rose 2.0 million barrels last week, against expectations for a 1.3 million-barrel decrease in a Reuters poll. [EIA/S] [ENERGYUSA]