Oil declines; Brent above $83

19/04/2023 Argaam
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oil tanks

Oil widened losses today, April 19, ahead of US inventory data as well as amid concerns about the possibility of the Federal Reserve continuing to raise interest rates. 

 

International benchmark Brent crude was trading down 1.93% at $83.13 a barrel, at 12:19 pm Makkah time.

 

West Texas Intermediate (WTI) crude fell 1.97% to $79.27 a barrel.

 

Federal Reserve Bank of Atlanta President Raphael Bostic said interest rates may increase again to lower high inflation, Reuters reported. 

 

Estimates from the American Petroleum Institute showed that oil inventories fell by 2.67 million barrels in the week ended April 14. Official data is due to be released by the Energy Information Administration later today. 

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