Oil prices are falling amid pressure on the market on expectations of weak demand

WASHINGTON 24 -10-2019 \ SPA
Oil prices retreated today amid continued concerns over expectations of weak demand, after posting significant gains in the previous session following a sudden drop in US crude inventories.
Brent crude futures fell 17 cents, or 0.3 percent, to $ 61 a barrel, and global benchmark crude rose 2.5 percent on Wednesday to settle at $ 61.17 a barrel, levels not reached since September 30.
U.S. West Texas Intermediate (WTI) crude futures fell 32 cents, or 0.6 percent, to $ 55.65 a barrel, while US crude ended the previous session up 3.3 percent.
Data from the US Energy Information Administration showed that US crude oil inventories fell 1.7 million barrels in the week ending October 8, compared with analysts’ expectations of an increase of 2.2 million barrels.
The decline in weekly inventories came as refiners increased crude consumption and oil imports fell, causing a jump for both benchmarks on Wednesday, the administration said.