Oil loses over 1%, Brent slips below $75

Oil drilling rigs

Oil prices deepened losses today, Oct. 23, as markets digested data on US commercial crude inventories for the week ended Oct. 18.
 

Brent crude futures for December delivery fell 1.4%, or $1.08, to $74.96 a barrel.

WTI crude futures for December delivery declined 1.35%, or 97 cents, to $70.77 a barrel.

Data from the US Energy Information Administration revealed that crude inventories rose by 5.5 million barrels last week, while expectations indicated an increase of 900,000 barrels.
 

The weekly report showed that oil demand—measured by finished products supplied to the market—decreased by about 446,000 barrels per day to 20.3 million barrels per day, with oil production stable at 13.5 million barrels per day.