Print

In a volatile trading session on Thursday, oil prices experienced a downward trend as substantial weekly builds in gasoline and distillate inventories in the US overshadowed a larger-than-anticipated draw in crude stocks.

The US Energy Information Administration (EIA) released data revealing a significant increase in both gasoline and distillate stocks, contributing to the overall bearish sentiment in the oil market. This surge in inventories was driven by low fuel demand, reflecting ongoing challenges in the global economy.

Brent crude settled down 66 cents/barrel or 0.8% at $77.59/barrel. 

WTI crude futures fell 51 cents/barrel or 0.7%/ to close to $72.19/barrel.