1/19, 10:14 AM (Source: TeleTrader)
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Crude prices slip on US oil inventory build up

Crude oil prices for future deliveries fell over 1% on Thursday after data revealed that the stockpiles of the commodity reportedly increased for the second consecutive week, sparking concerns of a sharp drop in demand.

The downward trend of crude prices appeared to be driven by recent hawkish remarks by the Federal Reserve, after St. Louis Fed President James Bullard underlined that policy rates above 5% might be an optimum to bring the inflation down. Tighter monetary policy by the Fed could tip the United States economy into a recession, with fears over economic downturn outweighing hopes of higher demand following that China's reopening.

West Texas Intermediate (WTI) for settlements in February dropped 1.31% to go for $78.44 per barrel at 4:02 am ET. Brent for deliveries in March slipped by 1.05% to sell at $84.07 per barrel.

Baha Breaking News (BBN) / AB