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Oil prices fall despite drop in U.S. inventories

Oil&Gas Materials 1 September 2022 04:02 (UTC +04:00)
Oil prices fall despite drop in U.S. inventories

Oil prices fell on Wednesday despite a drop in U.S. crude stockpiles, Trend reports citing Xinhua.

The West Texas Intermediate for October delivery lost 2.09 U.S. dollars, or 2.3 percent, to settle at 89.55 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery decreased 2.82 dollars, or 2.8 percent, to close at 96.49 dollars a barrel on the London ICE Futures Exchange.

Prices continued to be pressured by fears that an inflation-induced economic slowdown would hurt fuel demand.

The U.S. Energy Information Administration (EIA) reported Wednesday that the nation's crude oil inventories decreased by 3.3 million barrels during the week ending Aug. 26. Analysts surveyed by S&P Global Commodity Insights had expected a fall of 1.9 million barrels in U.S. crude supplies.

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