Oil market extended the weakening trend as traders digest US crude stocks data
Oil stocks in the US, excluding those in the Strategic Petroleum Reserve, rose 16.3 million barrels last week to the highest levels since June 2021.
International benchmarks for crude oil continued to weaken on Thursday, 16 February 2023 as the market took a step back to absorb the latest US commercial crude inventory data.
Oil stocks in the US, excluding those in the Strategic Petroleum Reserve, rose 16.3 million barrels last week to the highest levels since June 2021. Even though refineries in the countries reduced operating rates, gasoline stocks continue to rise for the eighth consecutive week, stoking concerns over the demand condition.
Investors also refrained from taking risks to monitor the next FED interest rate meeting, fearing that an aggressive rate hike would slow down the economy, thereof, the demand for crude oil.
Brent inched another 24 cents lower to close at $85.14/barrel.
WTI dropped just 10 cents to settle at $78.49/barrel.