WASHINGTON (dpa-AFX) - Despite data showing a bigger than expected drop in U.S. crude inventories and a slew of stimulus measures announced by the Chinese central bank on Tuesday, oil prices fell
WASHINGTON - Despite data showing a bigger than expected drop in U.S. crude inventories and a slew of stimulus measures announced by the Chinese central bank on Tuesday, oil prices fell sharply on Wednesday amid uncertainty about the outlook for demand, and easing concerns over supply disruptions in Libya.
Analysts said China's most aggressive economic stimulus since the COVID-19 may not be enough to drive more fuel demand growth in the world's second-largest economy and that there should be a more concrete fiscal approach to tackle economic headwinds. They are also skeptical whether China will hit the government's full-year growth target of 5%.
At 413.0 million barrels, U.S. crude oil inventories are about 5% below the five-year average for this time of year, the EIA added. Distillate fuel inventories, which include heating oil and diesel, also decreased by 2.2 million barrels last week and are about 9% below the five-year average for this time of year.
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