Oil extended losses on weak US economic data, demand outlook concerns
International benchmarks for crude oil tumbled another 2% on Thursday, 20 April 2023 after data showed that unemployment claims in the US rose moderately last week
International benchmarks for crude oil tumbled another 2% on Thursday, 20 April 2023 after data showed that unemployment claims in the US rose moderately last week, which indicated a slowing labour market. Investors downplayed the 1.3 million build-ups in US gasoline stocks in the previous session, but the latest employment data stirred up a fresh wave of concerns over the demand outlook.
Brent dipped $2.02 or 2.4% to close at $81.10/barrel.
WTI settled $1.87 lower or 2.4% at $77.29/barrel.