2023-12-27 04:40:00
Oil prices fell in early Asian trading on Wednesday, shrinking strong gains achieved in the previous session.
Brent crude futures fell 18 cents, or 0.22 percent, to $80.89 a barrel by 0101 GMT. US West Texas Intermediate crude futures fell 22 cents, or 0.29 percent, to $75.35 per barrel.
Yesterday, Tuesday, prices rose more than two percent to their highest levels this month, continuing the upward momentum that occurred last week, which saw prices rise more than three percent. This is due in part to growing hopes for a reduction in US interest rates, which may boost economic growth and increase demand.
Inventory reports from the American Petroleum Institute and the Energy Information Administration are expected to be released today, Wednesday and tomorrow, Thursday, respectively, a day later than usual for both reports due to the Christmas holiday.
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