TOKYO :Oil prices were little changed on Wednesday as traders remained cautious after a surprise rise in U.S. crude inventories stoked demand concerns on the heels of weaker-than-expected economic data from the United States and China.Brent crude futures slipped 3 cents to $74.88 a barrel. U.S. West Texas Int
TOKYO :Oil prices were little changed on Wednesday as traders remained cautious after a surprise rise in U.S. crude inventories stoked demand concerns on the heels of weaker-than-expected economic data from the United States and China.
"Crude prices remain heavy as energy traders just can't shake off global demand concerns. It doesn't matter how upbeat everyone is for China's second half of the year, the current situation is too disappointing," said Edward Moya, an analyst at OANDA. Talks on raising the U.S. debt ceiling continue to weigh on the market. The U.S. Treasury Department has estimated that the United States will go into a crippling default as early as June 1 if Congress does not lift the debt ceiling.
"Sentiment soured amid stalled U.S. debt ceiling talks and disappointing retailers' earnings overnight. Recession fears again dragged on the global markets," said Tina Teng, an analyst at CMC Markets.
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