Oil prices fell during Wednesday's trading, abandoning their early gains, following the release of data from the US Energy Information Administration, which showed a rise in weekly inventories and a decline in oil demand, negatively affecting market sentiment.
When trading settled, the January 2025 delivery benchmark Brent futures fell 0.7% to $72.81 a barrel, up from $73.94 earlier in the session.
U.S. Nymex crude futures for December delivery — which expired today — also fell 0.75% recording $68.87 a barrel, after hitting $70.15.
According to data from the U.S. Energy Information Administration, crude inventories rose by 500,000 barrels during the week ending Nov. 15, contrary to forecasts of a decline of 100,000 barrels.
This came as refinery inputs from crude oil fell by 281,000 barrels per day (bpd) compared to the previous week’s average.
The weekly report also highlighted the decline in oil demand - measured by final products supplied to the market - by about 1.8 million barrels per day to 19.8 million barrels per day, while oil production fell to 13.2 million barrels per day from 13.4 million barrels per day.
These data cast a shadow over investor sentiment amid concerns about slowing oil demand, at a time when the market is closely monitoring developments in the global economy and production and inventory levels.
Follow the latest news on Google News
