Author: Lucian Negrea, Reporter
Published: 09-03-2023 16:51
Updated: 09-03-2023 17:53
Oil prices fell more than 1 percent on Wednesday, extending the previous day’s slide, after U.S. government data that showed weak demand heightened fears that more aggressive U.S. interest rate hikes would weigh on economic growth, reports Reuters .
Brent crude futures were down 1.07 cents, or 1.3%, at $82.28 a barrel. The futures contracts for West Texas Intermediate (WTI) crude oil fell by $1.19, or by 1.5%, to $76.37 per barrel, News.ro informs.
U.S. gasoline inventories fell 1.1 million barrels, according to a U.S. Energy Information Administration report, below the 1.8 million estimate in a Reuters poll.
Distillate stockpiles rose by 138,000 barrels, compared with expectations for a draw of 1 million barrels.
Crude stockpiles rose by 1.7 million barrels, compared with estimates for a build of 395,000.
Data from the American Petroleum Institute (API) showed a decline in crude oil inventories on Tuesday for the first time after a 10-week rise.
