Oil prices fall more than 7% as demand continues to shrink
Friday, 27 March 2020 01:51 WIB | ENERGY |Minyak WTI

Oil prices fell on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a U.S. $2 trillion emergency stimulus will shore up economic activity.

West Texas Intermediate (WTI) crude futures slipped 7.7%, or $1.89, to settle at $22.60 per barrel, while Brent crude futures fell $1.01, or 3.69%, to trade at $26.43 per barrel.

U.S. crude inventories rose by 1.6 million barrels in the most recent week, the U.S. Energy Information Administration said on Wednesday, marking the ninth straight week of increases.

Products supplied, a proxy for U.S. demand, dropped nearly 10% to 19.4 million bpd, EIA data showed.

Source: CNBC

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