Oil market nosedived following a report on large built-up in US crude stocks
International benchmarks for crude oil slid more than 3% on Wednesday, 1 February 2023 following a report from the Energy Information Agency on a 4.1 million built-up in the US commercial crude inventories last week
International benchmarks for crude oil slid more than 3% on Wednesday, 1 February 2023 following a report from the Energy Information Agency on a 4.1 million built-up in the US commercial crude inventories last week, underlining the lack of demand. Both motor gasoline and distillate stocks also increased more than expected despite lower operating rates among refineries.
Brent shed $2.62 or 3.1% to close at $82.84/barrel.
WTI fell $2.46 or 3.1% to close at $76.41/barrel.