Oil plunged more than $2/barrel at signs of loosening supply
International benchmarks for crude oil plunged more than $ 2/barrel on Friday, 17 February 2023 as traders withdrew to the sidelines to let the latest US inventory reports sink in.
International benchmarks for crude oil plunged more than $ 2/barrel on Friday, 17 February 2023 as traders withdrew to the sidelines to let the latest US inventory reports sink in. At signs of loosening supply, investors also fear demand would be severely impacted if the FED maintains a hawkish stance on future interest rate hikes. Higher borrowing costs would affect consumption.
Brent dropped $2.14 or 2.5% to close at $83/barrel.
WTI loses $2.15 or 2.7% to close at $76.34/barrel.