Oil slipped on sticky inflation data, swelling US crude inventories

International benchmarks for crude oil resumed falling on Thursday, 11 April 2024 following a report from the EIA showing a larger-than-expected build-up in the US commercial crude inventories and fading hope for lower interest rates. 

The US registered an increase of 5.8 million barrels of commercial crude inventory last week due to lower operating rates among local refineries and exports. 

Meanwhile, investors started losing hope that the FED would trim interest rates in June as inflation data remained above expectation for the third consecutive month.

Brent eased by 74 cents to close at $89.74/barrel.

WTI fell $1.19 to settle at $85.02/barrel.