Oil prices fall as U.S. inventories rise

MG News | March 17, 2022 at 04:55 PM GMT+05:00

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March 17, 2022: Oil prices declined on Wednesday after data showed a marked increase in U.S. crude stockpiles.

The West Texas Intermediate (WTI) for April delivery lost 1.4 U.S. dollars, or nearly 1.5 percent, to settle at 95.04 dollars a barrel on the New York Mercantile Exchange. Brent crude for May delivery decreased 1.89 dollars, or 1.9 percent, to close at 98.02 dollars a barrel on the London ICE Futures Exchange.

The above market reactions came after the U.S. Energy Information Administration (EIA) reported on Wednesday that the nation's crude oil inventories increased by 4.3 million barrels during the week ending March 11. Analysts surveyed by S&P Global Commodity Insights had expected U.S. crude supplies to show a rise of 0.2 million barrels.

Oil prices have suffered a steep sell-off recently, which saw the WTI and Brent tumble 6.4 percent and 6.5 percent, respectively, on Tuesday.

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KSE100	165,634.85 358.20M	3.14% 5043.51
ALLSHR	98,685.95 821.24M	2.83% 2713.21
KSE30	49,987.10 219.75M	3.14% 1522.98
KMI30	239,687.25 160.14M	3.17% 7355.26
KMIALLSHR	64,603.89 370.14M	2.96% 1857.73
BKTi	45,444.60 99.83M	2.84% 1252.93
OGTi	33,963.91 7.72M	1.91% 636.78

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	74,375.00	74,500.00 74,300.00	-25.00 -0.03%
BRENT CRUDE	95.34	99.45 94.42	-4.02 -4.05%
RICHARDS BAY COAL MONTHLY	105.00	0.00 0.00	0.40 0.38%
ROTTERDAM COAL MONTHLY	105.90	105.90 105.90	0.40 0.38%
USD RBD PALM OLEIN	1,175.00	1,175.00 1,175.00	0.00 0.00%
CRUDE OIL - WTI	91.30	92.38 91.20	0.02 0.02%
SUGAR #11 WORLD	13.93	13.95 13.56	0.25 1.83%