Oil stable after report says US diesel demand weak

30/03/2023 Argaam

US oil inventories shed 7.5 mln barrels

Oil tanks

Oil was steady today, March 30, as investors evaluated the latest industry data with a report indicating weak diesel demand in the world's largest economy.

 

International benchmark Brent crude was trading at $78.26 a barrel, at 10:04 am Makkah time.

 

West Texas Intermediate (WTI) crude was at $73.00 a barrel.

 

According to the Energy Information Administration data, oil production in the US decreased in the past week, in conjunction with a strong decline in US imports of crude and a decline in oil stocks. The report indicated a weak demand for diesel in the US, bringing back recession fears.

 

The Dallas Fed Energy Survey showed that the forecast for the price of WTI crude averaged $79.64 per barrel through 2023, down from the $83.63 per barrel average forecast in the previous quarter.

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