Oil pares losses on inventory data, demand outlook

15/02/2023 Argaam

Oil pares losses on inventory data, demand outlook

Oil drilling rigs

Oil prices declined today, Feb. 15, after a sharp rise in US crude inventories and as investors studied demand developments.

 

Latest data showed that US oil inventories increased by 16.3 million barrels in the week ended Feb. 10, exceeding expectations of 1.5 million barrels.

 

Gasoline stocks in the US rose by 2.3 million barrels, while distillate stocks fell by 1.3 million barrels.

 

Meanwhile, the International Energy Agency raised its forecast for global oil demand this year, following similar forecast by OPEC on Feb. 14.

 

Brent crude futures for April delivery fell 0.2%, or 20 cents, to close at $85.38 a barrel, trimming its intraday losses of $83.88.

 

WTI crude for March delivery also fell 0.6%, or 47 cents, at $78.59 a barrel.

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