Oil market settled lower on profit-taking
Worries about supply are further supported by a 7.5 million barrels draw in US commercial crude inventory last week, data from the EIA showed.
International benchmarks for crude oil ended the trading session on Wednesday, 29 March 2023 lower, with Brent crude losing 37 cents or 0.5% to $78.28/barrel and West Texas Intermediate dipping 23 cents or 0.3% to $72.97/barrel.
Industry sources attributed the reductions to profit-taking activities among oil traders following three back-to-back bouts of price gains.
Supply issues persevered as Kurdistan oil exports halted, coupled with a menial output cut in Russia raising concerns. Worries about supply are further supported by a 7.5 million barrels draw in US commercial crude inventory last week, data from the EIA showed.