Oil Prices Experience Decline as Market Awaits US Inventory Data
Wednesday, 20 March 2024, 14:26
Market Update: Oil Prices Fluctuate
A round of profit taking has hit oil today after rising to the highs of year yesterday. The selling started after the API private inventory data late yesterday showed:
- Crude: +13K
- Gasoline: -1350K
- Distillates: -87K
There was some chatter yesterday of a 6 million barrel crude oil draw, but that's cooled to 3-4 million following API. The consensus is much more benign but I'm not sure it's trustworthy given the post-API moves in energy. The data is due out at the bottom of the hour. WTI crude oil was last down $1.41 to $82.06.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.