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Oil sank nearly 4% as recession worries outshine the drop in US inventoryInvestors overlook the EIA report on the larger-than-expected decline in US crude inventories to focus on the renewed fears of an impending recession that would plunder the demand outlook. |
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International benchmarks for crude oil on Wednesday sustained the downtrend from the previous session, this time sliding almost 4%. Investors overlook the EIA report on the larger-than-expected decline in US crude inventories to focus on the renewed fears of an impending recession that would plunder the demand outlook.
Brent crude settled at $77.69/barrel, dropping $3.08 or 3.8% while US West Texas Intermediate clocked in at $74.30/barrel, down by $2.77 or 3.6%.
The Energy Information Administration (EIA) reported the US commercial crude fell about 5.1 million barrels last week. Data gathered on Tuesday, however, showed that US consumer confidence dropped to its lowest reading in nine months in April, suggesting dark clouds forming on the nation’s economic well-being.
