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Oil & Gas

Wednesday
14 Dec 2022

Oil Prices Slip On Surprise Build In U.S. Crude Stocks

14 Dec 2022  by https://www.reuters.com/   
Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board (CARB) gasoline, CARB diesel fuel, and other petroleum products, in Carson, California, U.S., March 11, 2022. Picture taken with a drone. REUTERS/Bing Guan/File Photo
 
MELBOURNE, Dec 14 (Reuters) - Oil prices fell in early trade on Wednesday after industry data showed a big build in U.S. crude inventories, rather than the decline forecast by analysts, reinforcing fears about weakening demand even as supply tightens.
 
U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $75.09 at 0128 GMT, paring a 3% gain from the previous session.
 
Brent crude futures dropped 38 cents, or 0.5%, at $80.30 per barrel.

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