Crude prices drop 1% on US oil inventory build up

Thursday, 02. February 2023 17:42

Crude prices for future contracts declined over 1% on Thursday after data revealed an oil inventory build-up in the United States, which reached 452.7 million barrels last week. The sharp increase in crude oil inventories exacerbated concerns of slowing commodity demand.

The downward trend of crude prices appeared to be driven by the Federal Reserve's decision to hike interest rates by a quarter of a percentage point, fueling up concerns over additional rate increases this year.

West Texas Intermediate (WTI) for settlements in March fell 0.98% to go for $75.73 per barrel at 11:32 am ET. Brent for deliveries in April slipped by 1% to sell at $82.01 per barrel.

Related Links: 
Baha Breaking News (BBN) / AB