01/04/2024

Oil Settles Lower on Massive U.S. Fuel Inventory Builds

It was a choppy see-saw session

Oil settled lower on Thursday in a choppy see-saw session, as massive weekly gasoline and distillate stock builds overshadowed a larger-than-expected crude stock draw.

Brent crude settled down 66 cents, or 0.8 percent, to $77.59. During the session it both rose and fell over $1. U.S. West Texas Intermediate crude futures settled down 51 cents, or 0.7 percent, to $72.19.

Low fuel demand and large inventory increases in data from the U.S. Energy Information Administration (EIA) weighed on prices.

Please select this link to read the complete article from Reuters.