2024-03-20 20:03:32
Oil prices fell on Wednesday, following the US Federal Reserve decided to stabilize interest rates and the continued effects of demand concerns.
Price movements
Brent crude futures for May delivery fell by $1.43, or 1.64 percent, to $85.95 per barrel at settlement.
US West Texas Intermediate crude futures for April delivery, which expire when settled on Wednesday, fell $1.79, or 2.14 percent, to $81.68 per barrel.
The most active futures contracts for US West Texas Intermediate crude for May delivery fell $1.46 to $81.27 per barrel.
In the previous session, the two crude oils recorded their highest levels since late October at settlement, as Brent crude reached $87.38 per barrel, while West Texas crude reached $83.47 per barrel.
The US Federal Reserve kept key interest rates unchanged overnight in the range of 5.25-5.50 percent.
Policymakers indicated they still expect to cut interest rates by 75 basis points by the end of 2024.
The US Energy Information Administration said today that crude oil inventories in the United States decreased unexpectedly last week as the activity of refining companies continued to increase, while gasoline inventories rose more than expected.
The data showed that distillate stocks also increased, and refinery operating rates also increased.
Oil prices jumped recently as traders assessed the impact of Ukraine’s attacks on Russian refineries on global oil supplies.
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