07 Dec, 23

Crude Oil Tanks Nearly 4% as US Output Overshadows OPEC

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Prices of Brent crude and West Texas Intermediate were down nearly 4% on Wednesday as an unexpected and significant increase in U.S. gasoline inventories added to concerns about lagging demand.  Wednesday’s prices reflect the lowest levels of crude oil since June this year, shuffling between a 3.5 and 4% loss throughout the first part of the day.  At 1:34 p.m. ET on Wednesday, Brent crude was trading $74.64, down 3.32%, for a $2.56 loss on the day. WTI was trading at $69.71, down 3.61%, for a $2.61 loss on the day. …

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