TELETRADER News
3/22, 8:54 AM
(Source: TeleTrader)
Brent Crude (...+2.80%
F WBS+2.57%
Oil down almost 1% as crude stocks pile up
The prices of oil futures fell almost 1% on Wednesday after the data from the American Petroleum Institute (API) reportedly showed that crude oil inventories in the United States rose by 3.26 million barrels.
Meanwhile, demand woes still persisted, as uncertainty over the global economic outlook remained at the center of attention. Namely, with the recent commotion in the financial sector, there has been a growing concern that the central bank's further interest rate increases could push the economy into a downward spiral.
West Texas Intermediate (WTI) for settlements in May declined 0.92%, to sell at $69.03 per barrel at 3:42 am ET. Brent for the same month's deliveries lost 0.85%, to go for $74.67 per barrel a minute later.