Disappointing U.S. economic data put oil prices under pressure

Weak U.S. economic data such as a sharp fall in consumer confidence were the final straw, as this makes for a much gloomier outlook as regards oil demand in the most important oil consumer country. 

The expectation of further rises in US crude oil stocks is likewise weighing on prices. According to the API, US crude oil stocks last week climbed further by a good 4 million barrels. 

The U.S. DOE will be publishing the official inventory data this afternoon - a sizeable inventory build is likely there too. A considerable decline in US crude oil production would therefore be needed to turn around the negative sentiment on the oil market, says Commerzbank.