3/17, 2:07 PM (Source: TeleTrader)
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Oil prices fall more than 1% amid demand worries

Oil futures prices declined more than 1% on Friday as market participants continue to be concerned about a possible drop in demand but also after the release of the latest report from the Energy Information Administration (EIA).

The latest issues in the financial markets related to the banking sector have been worrying investors who possibly foresee that this could lead to a more acute crisis and a reduction in the overall demand for fossil fuels. On the other side, commercial crude oil inventories in the United States rose by 1.55 million barrels in the week ending March 10, with total commercial petroleum inventories up by 1.6 million barrels.

Brent for May delivery dipped 1.53% to sell at $73.66 per barrel at 2:06 pm ET. WTI for settlements in April fell 1.16% to $67.60 per barrel.

Baha Breaking News (BBN) / JG