{"id":1140,"date":"2023-04-27T21:59:07","date_gmt":"2023-04-28T01:59:07","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-prices-slip-as-big-draw-in-crude-stocks-plays-second-fiddle-to-economic-jitters\/"},"modified":"2023-04-27T21:59:07","modified_gmt":"2023-04-28T01:59:07","slug":"oil-prices-slip-as-big-draw-in-crude-stocks-plays-second-fiddle-to-economic-jitters","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1140","title":{"rendered":"Oil prices slip as big draw in crude stocks plays second fiddle to economic jitters"},"content":{"rendered":"
\n

Investing.com — U.S. crude oil prices settled lower Wednesday, as ongoing worries about slowing economic growth continued to cloud the outlook for oil demand, overshadowing data showing a much larger-than-expected drop in weekly crude inventories.<\/p>\n

On the New York Mercantile Exchange settled 1.26% lower at $76.10 a barrel, while on London’s Intercontinental Exchange, fell 1.54% to settle at $79.53 a barrel.<\/p>\n

of U.S. crude fell by 5.1 million barrels for the week ended Apr. 21, following a 4.6M barrel draw in the prior week and below the expected 1.5M barrel decrease, according to data from the Energy Information Administration (EIA).<\/p>\n

The large decrease in crude supplies was driven by another big release from the Strategic Petroleum Reserve, which dropped by more than 1M for a second straight week.<\/p>\n

Gasoline inventories, meanwhile, \u00a0by 2.4M barrels, compared with expectations for a draw of 933,000 barrels, while supplies of distillate — the class of fuels that includes diesel and \u2013 by 576,0000M barrels, but that was short of expectations for a decrease of 839,000 barrels.<\/p>\n

The mixed products data emerged as refinery activity edged up to 91.3% of capacity last week from 91% the prior week, with crude inputs averaging about 15.83M barrels per day, down 11,000 barrels from the prior week, the EIA said.<\/p>\n

The mostly positive inventory data, however, played second fiddle to ongoing fears about the impact of a slowdown in the U.S. economy on energy demand.<\/p>\n

\u201cThe lack of a strong signal from fundamental data has seen investors with a short-term focus dominate trading,\u201d ANZ Research said in a note. \u201cThis has seen Brent crude hover around levels seen just before OPEC surprised markets with an output cut at early April,\u201d it added.<\/p>\n

Traders, meanwhile, also appear reluctant to make big bets ahead of the Federal Reserve\u2019s May 2-3 meeting that is expected to culminate in what many expect may prove the final rate hike for the year.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — U.S. crude oil prices settled lower Wednesday, as ongoing worries about slowing economic growth continued to cloud the outlook for oil demand, overshadowing data showing a much larger-than-expected drop in weekly crude inventories. 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