Oil prices fell on Wednesday after a surprise jump in US crude stockpiles raised worries about demand in the largest oil market.
Global benchmark Brent crude oil futures fell 21 cents, or 0.3%, to $77.38 a barrel. US WTI crude futures fell 10 cents to $72.14 a barrel.
Early in the session, both contracts had risen by more than a dollar before the US Energy Information Administration reported a surprise build in crude oil stockpiles and larger-than-expected jumps in storage of gasoline and distillates.
Read Oil drops 2% on US stock build
“Today’s EIA report highlights investor concerns of slowing demand growth,” said Rob Haworth, senior investment strategist. US crude inventories rose by 1.3 million barrels in the week ended Jan 5, compared with analysts’ expectations in a Reuters poll for a 700,000 barrel drop. Gasoline stocks rose by 8 million barrels while distillate stocks jumped by 6.5 million barrels, the EIA reported.
Published in The Express Tribune, January 11th, 2024.
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