Oil prices lower on weak demand

NEW YORK, July 20 (UPI) -- Consumer demand is still not drawing inventories of petroleum products lower, sending crude oil prices sharply downward in early Wednesday trading.

Crude oil prices drifted modestly lower in Tuesday trading after the International Monetary Fund revised its global growth forecast lower in part because of lingering concerns about the British exit from the European Union. That uncertainty is expected to have an impact on demand sentiments as the country re-evaluates its international trade relationships.

Oil prices recovered from below $30 per barrel earlier this year in part because lower consumer fuel prices spurred demand for petroleum products. Later Wednesday, the U.S. Energy Information Administration releases data for last week on supply and demand. Data already published by the American Petroleum Institute show a trend in crude oil stockpile declines, but a rise in gasoline stocks.

http://www.upi.com/Business_News/Energy-Industry/2016/07/20/Oil-prices-lower-on-weak-demand/7451469021828/?nll=1