Oil Falls As U.S. Stockpiles Rise, Economic Uncertainty Renew Demand Concerns – By Sonali Paul (IB Times) / Jan 11, 2023
Oil prices fell on Wednesday as an unexpected build in crude and fuel inventories in the U.S., the world’s biggest oil consumer, and economic uncertainty reignited demand worries.
U.S. West Texas Intermediate (WTI) crude futures decreased by 79 cents, or 1.1%, to $74.33 a barrel at 0503 GMT, while Brent crude futures fell by 75 cents, or 0.9%, at $79.35 a barrel.
Both contracts rose during trading on Monday and Tuesday, rebounding from a sharp selloff in the first week of 2023.
U.S. crude oil stockpiles jumped by 14.9 million barrels in the week ended Jan. 6, sources said, citing data from the American Petroleum Institute (API). At the same time, distillate stocks, which include heating oil and jet fuel, rose by about 1.1 million barrels.
