Only two days ago analysts were predicting oil over $100 a barrel, but by Wednesday midday, crude prices were nose-diving by close to 3% as demand concerns heavily outweighed the prospect of a wider regional conflict in the Middle East
. At 1241 p.m. ET on Wednesday, Brent crude oil was trading down 3.18% at $87.16, for a $2.86 per barrel loss on the day, while the U.S. crude oil benchmark, West Texas Intermediate WTI, was trading down 3.25% at $82.59, for a loss of $2.77 per barrel on the day. Earlier on Wednesday, the Energy Information Administration EIA released its weekly inventory report showing a build of 2.7 million barrels to 460 million barrels in the week ending April 12.
'Oil prices go about their business of unwinding some of the war premium that has been priced in,' also noting that oil prices were experiencing downward pressure over dwindling hopes of interest rate cuts by the Fed.
Oil Prices Oil Demand Geopolitics Oil Trading
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
US Senators Look to Strengthen Ban on Selling Off Oil Stockpiles to ChinaU.S. senators introduced a bill on Thursday designed to expand the ban on selling off the nation's oil held in the Strategic Petroleum Reserves to China.
Weiterlesen »
Oil Industry Executives Say Oil Demand Is Beating ForecastsOil industry leaders are revising oil demand growth forecasts upwards due to stronger than expected consumption across all economies.
Weiterlesen »
Oil Prices Under Pressure As U.S. Crude Oil Inventories ClimbCrude oil inventories in the United States rose this week by 9.337 million barrels for the week ending March 22
Weiterlesen »
Anti-Oil Activists Up Their Game Against Insurers Of Big OilThe threat of reputation damage is unlikely to be enough to make that industry use its superpower to kill oil and gas.
Weiterlesen »
Deadly bird flu is ‘dangerously close’ to being next pandemic and it’s ‘time to be prepared’, warn experts...Map reveals global bird flu hotspots as UK ‘stockpiles vaccines amid fears of a new pandemic’
Weiterlesen »
Student, 21, dies of bird flu strain already in UK and US days after noticing a new cough...Map reveals global bird flu hotspots as UK ‘stockpiles vaccines amid fears of a new pandemic’
Weiterlesen »