Oil posts fourth straight negative session on U.S. inventory build
Oil slipped for a fourth day on Wednesday weighed by concerns about weaker demand in Europe and rising U.S. crude inventories.
Several European countries have paused the use of AstraZeneca’s COVID-19 vaccine on worries over possible side effects. Germany is seeing rising coronavirus cases, Italy is imposing a nationwide Easter lockdown and France plans to impose tougher curbs.
Brent crude was down 44 cents, or 0.6%, at $67.98 a barrel, while U.S. West Texas Intermediate (WTI) crude settled 20 cents, or 0.3%, lower at $64.60 per barrel.
Prices slipped towards session lows after government data showed U.S. crude inventories rose 2.4 million barrels last week, following Tuesday’s industry report estimating a 1 million barrel-drop. Analysts had forecast an increase of 3 million barrels.
U.S. crude inventories have risen for four straight weeks after refinery operations in the south were hampered by unusual and severe cold weather last month. Companies are slowly restarting facilities and balances are expected to restored over the next couple of weeks, analysts said.
Reference: CNBC
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