Oil prices fall despite drop in U.S. inventories
Sep 01, 2022
New York [US], September 1:Oil prices fell on Wednesday despite a drop in U.S. crude stockpiles.
The West Texas Intermediate for October delivery lost 2.09 U.S. dollars, or 2.3 percent, to settle at 89.55 dollars a barrel on the New York Mercantile Exchange. Brent crude for October delivery decreased 2.82 dollars, or 2.8 percent, to close at 96.49 dollars a barrel on the London ICE Futures Exchange.
Prices continued to be pressured by fears that an inflation-induced economic slowdown would hurt fuel demand.
The U.S. Energy Information Administration (EIA) reported Wednesday that the nation's crude oil inventories decreased by 3.3 million barrels during the week ending Aug. 26. Analysts surveyed by S&P Global Commodity Insights had expected a fall of 1.9 million barrels in U.S. crude supplies.
According to the EIA, total motor gasoline inventories decreased by 1.2 million barrels last week, while distillate fuel inventories increased by 0.1 million barrels.
On Tuesday, both the U.S. crude standard and Brent shed more than 5 percent, as demand worries prevailed.
Source: Xinhua
