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Oil market settled lower on rising US commercial crude stocks; downside was cappedWhile having concerns over the state of demand, investors also blamed a data adjustment on the gigantic figures. The reductions, however, were capped by bullish expectations that global oil demand would return to the growth trajectory |
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International benchmarks for crude oil ended the trading session on Wednesday, 15 February 2023 lower following the report from the Energy Information Administration (EIA) on a substantial rise in the US commercial crude inventories last week. Indeed, the report showed a surge of 16.3 million barrels in commercial crude stocks and 2.3 million barrels in gasoline stocks, marking the eighth consecutive week of rising inventories. While having concerns over the state of demand, investors also blamed a data adjustment on the gigantic figures. The reductions, however, were capped by bullish expectations that global oil demand would return to the growth trajectory as the International Energy Agency (IEA) forecasted.
Brent loses just 20 cents or 0.2% to close at $85.38/barrel.
WTI dropped 47 cents or 0.6% to close at $78.59/barrel.
