Oct 24 2024, 02:53
Oil prices fell on Wednesday after data showed U.S. crude inventories rose by more than expected even as refining activity rebounded, though futures remained up about 2% this week as traders factored in continuing conflict in the Middle East.
Brent crude futures settled at $74.96, down $1.08, or 1.42%. U.S. West Texas Intermediate crude futures settled down 97 cents, or 1.35%, to $70.77.
Last week oil fell more than 7% on worries about Chinese demand and easing worries about potential disruptions of Middle East oil supplies. Oil settled higher the first two sessions this week as buyers emerged.
U.S. crude inventories rose by 5.5 million barrels to 426 million barrels in the week ended Oct. 18, the Energy Information Administration reported on Wednesday, exceeding analysts’ expectations in a Reuters poll for a 270,000-barrel rise.
Also pressuring oil prices, the dollar index rose to its highest since late July. A firmer U.S. currency can hurt demand for dollar-denominated oil from buyers using other currencies.
The impact of the crude stocks build on prices was countered somewhat by persistent concerns over potential oil supply risk from conflict in the Middle East.
Source : Reuters
