...

Oil drops, hits lowest since January as U.S. data fans fuel demand fears

Oil&Gas Materials 7 December 2022 23:42 (UTC +04:00)
Oil drops, hits lowest since January as U.S. data fans fuel demand fears

Oil edged to its lowest since the start of the year in volatile trading, after U.S. government data showed an unexpectedly large build in fuel stocks, feeding fears about demand in a market already spooked by an uncertain economy, Trend reports citing Reuters.

Brent futures for February delivery fell $1.20 to $78.15 a barrel, a 1.55% loss, by 12:34 p.m. ET (17:34 GMT). During the session, Brent hit its lowest since Jan. 3.

U.S. crude fell $1.30, or 1.8%, to $72.95 per barrel and earlier touched $72.42, the lowest since late December..

U.S. distillate stocks posted a build 6.2 million barrels, according to the Energy Information Administration, far exceeding estimates for a 2.2 million barrel rise. Gasoline inventories climbed 5.3 million barrels against expectations for an increase of 2.7 million barrels.

Tags:
Latest

Latest