Oil prices fall as U.S. inventories rise
MG News | March 17, 2022 at 04:55 PM GMT+05:00
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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