Oil fell more than 2% after key US refinery shutdown threatened demand
International benchmarks for crude oil fell more than 2% on Thursday, 1 February 2024 following a shutdown at the 435,000 barrels/day refinery belonging to BP Plc in Whiting, Indiana after a power outage.
International benchmarks for crude oil fell more than 2% on Thursday, 1 February 2024 following a shutdown at the 435,000 barrels/day refinery belonging to BP Plc in Whiting, Indiana after a power outage. The shutdown is expected to reduce demand for crude oil.
Meanwhile, traders also take a step back while keeping a close eye on a potential ceasefire agreement between Israel and Hamas.
Brent fell $1.85 or 2.5% to settle at $78.70/barrel.
WTI plunged $2.03 or 2.7% to settle at $73.82/barrel.