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Oil fell to 2022’s lows on concerns over the demandOil fell to 2022’s lows on concerns over the demand |
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International benchmarks for crude oil extended the weakening trend on Wednesday, 7 December 2022 following the EIA report that showed a buildup in both gasoline and distillate inventories in the US last week despite winter being the traditionally high-demand season for these products. The continuous surging gasoline and distillate stocks stoke fear of a slowdown in demand amid the weakening global growth.
Brent fell $2.18 or 2.8% to close at $77.17/barrel.
WTI loses $2.24 to settle at $72.01/barrel – the lowest level in 2022.
