Oil prices fell in early Asian trading today, after the American Petroleum Institute announced that crude inventories increased more than expected last week, and investors’ expectations for the US Central Bank to reduce interest rates declined.
The decline in Brent crude futures reached 29 cents, equivalent to 0.4%, to reach $82.48, while US West Texas Intermediate crude futures decreased by 22 cents, or 0.3%, to $77.65 per barrel, according to the Oman News Agency.
American Petroleum Institute figures released late Tuesday revealed that crude oil inventories in the United States increased by 8.52 million barrels on February 9, and this increase was much larger than analysts expected.
Petroleum Institute data also showed a decline in gasoline stocks by 7.23 million barrels, and a decline in distillate stocks by 4.02 million barrels, both of which recorded a decline more than analysts expected.
On the other hand, investors expect policymakers at the US Central Bank to wait a longer period before lowering interest rates, which could weaken economic growth and demand for oil.
2024-02-14 12:00:00
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