Oil closes lower amid supply, demand concerns

Oil drilling rigs

Oil prices fell today, March 29, after latest data on demand and United States crude inventories.

The US Energy Information Administration data revealed that diesel demand continued to decline in the US, indicating weak economic activity.

The data showed that crude oil inventories fell by 7.5 million barrels in the week ended March 24, and gasoline stocks fell by 2.9 million barrels.

Meanwhile, Russia's oil production fell by about 300,000 barrels per day in the first three weeks of March, which is less than the target reduction of 500,000 barrels per day, Reuters reported.

OPEC+ is not expected to make any adjustments to oil production plans at the meeting scheduled for next week, according to a Bloomberg report.

On the other hand, concerns related to the banking crisis continued to subside.

Brent crude fell 0.5%, or 37 cents, to close at $ 78.28 a barrel.

WTI crude decreased by 0.3%, or 23 cents, to record $72.97 a barrel.