Oil fell on Wednesday, giving up earlier gains, as worries over further interest rate hikes and slowing demand offset support from an industry report showing a larger-than-expected drop in US crude inventories.
Benchmark Brent crude prices are down over 15% this year as rising interest rates hit investor appetite, while China’s economic recovery has faltered after several months of softer-than-expected consumption and other data. At 1348 GMT, Brent was down 43 cents, or 0.6%, to $71.83 a barrel, while US WTI crude slipped 12 cents, or 0.2%, to $67.58.
“For now, the market remains stuck with demand concerns weighing,” said Ole Hansen, head of commodity strategy at Saxo Bank. “OPEC production cuts have helped prevent a deeper setback.”
Oil was up earlier in the session, finding support from API data showing US crude inventories fell by about 2.4 million barrels. The EIA’s official supply report is due out at 1430 GMT.
Published in The Express Tribune, June 29th, 2023.
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