Concerns Over Demand Lead To A Drop In Oil Prices Following A Rise In U.S. Inventories
Category: General
On Thursday, oil prices declined as worries about diminished demand, prompted by an unexpected increase in U.S. crude inventories, overshadowed concerns about global trade disruptions stemming from tensions in the Middle East.
Brent crude futures dropped 3 cents to reach $79.67 per barrel by 0753 GMT, and U.S. West Texas Intermediate crude was at $74.16 per barrel, down 6 cents as reported by Reuters.
Despite this, both benchmarks had closed higher on Wednesday, marking a third consecutive session of gains.
21 Dec, 2023
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