Crude Oil Prices In The First 2 Trading Sessions of 2023!
Crude oil down more than 5%The demand outlook is grimUS weekly oil supplies jump - APIOil prices are trading stable again after suffering a continuous fall for two consecutive days this week.At the time of writing, Brent crude oil futures were trading slightly higher at $78 a barrel after falling 5.2% on Wednesday.Meanwhile, US WTI trades traded positive at $73 per barrel following the 5.1% decline recorded in the previous session.Both crude oil benchmarks suffered heavy losses in the first two trading sessions of the year as a surge in Covid cases in major oil importer China clouded the outlook for demand.Also putting pressure on prices is the gloomy forecast for the global economy which is affected by rising interest rates and inflation.Meanwhile, the American Petroleum Institute (API) revealed a jump in US crude oil supplies of 3.3 million barrels in the week ending December 30.The reading was up from the previous two weeks, which saw a drop of 1.3 million barrels and 3.06 million in the weeks ended December 23 and December 16, respectively.
Crude oil down more than 5%
The demand outlook is grim
US weekly oil supplies jump - API
Oil prices are trading stable again after suffering a continuous fall for two consecutive days this week.
At the time of writing, Brent crude oil futures were trading slightly higher at $78 a barrel after falling 5.2% on Wednesday.
Meanwhile, US WTI trades traded positive at $73 per barrel following the 5.1% decline recorded in the previous session.
Both crude oil benchmarks suffered heavy losses in the first two trading sessions of the year as a surge in Covid cases in major oil importer China clouded the outlook for demand.
Also putting pressure on prices is the gloomy forecast for the global economy which is affected by rising interest rates and inflation.
Meanwhile, the American Petroleum Institute (API) revealed a jump in US crude oil supplies of 3.3 million barrels in the week ending December 30.
The reading was up from the previous two weeks, which saw a drop of 1.3 million barrels and 3.06 million in the weeks ended December 23 and December 16, respectively.
