Oil prices slide over surging US inventories and demand concerns in Asia
Oil prices experienced a sharp decline of more than 1.5% on Wednesday, 15 November 2023 triggered by a larger-than-anticipated surge in U.S. crude inventories
Oil prices experienced a sharp decline of more than 1.5% on Wednesday, 15 November 2023 triggered by a larger-than-anticipated surge in U.S. crude inventories and record production from the world’s leading producer, coupled with growing concerns about demand in Asia. Adding to market concerns, WTI’s front-month contract moved lower than the second month, entering contango for the first time since July. Meanwhile, prices for oil six months ahead appeared poised to surpass the front-month contract.
Brent futures settled down $1.29 or 1.6% to close at $81.18/barrel
WTI plummeted $1.60 or 2% to close at $76.66/barrel.