2024-03-27T04:35:47+00:00
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/ Oil prices fell for the second day in a row, on Wednesday, after a report on rising crude inventories in the United States, the world’s largest oil consumer, and indications that major producers are unlikely to change production policy in a technical meeting scheduled for next week.
Brent crude futures for May fell 69 cents, or 0.8 percent, to $85.56 a barrel by 01:50 GMT. The May contract is scheduled to expire tomorrow, Thursday, and the most widely traded June contract fell 60 cents, or 0.7 percent, to $85.03.
US West Texas Intermediate crude futures for May delivery fell by 55 cents, or 0.7 percent, to $81.07.
US crude oil inventories rose by 9.3 million barrels in the week ending March 22, according to market sources, citing figures from the American Petroleum Institute on Tuesday. Distillate stocks also increased by 531 thousand barrels.
But gasoline stocks fell by 4.4 million barrels.