Oil fell to 2022’s lows on concerns over the demand

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.