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Oil down nearly $1 on bearish U.S. data, crude stocks build

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Oil futures fell by nearly $1 on Thursday, extending losses from the previous day, as a surprise jump in U.S. crude stocks weighed on the market along with fears of a recession that were heightened by disappointing U.S. retail sales and output data.

Still, Federal Reserve officials said interest ratesbeyond 5% even as inflation shows signs of having peaked and economic activity is slowing.

Adding to the pall, data from the American Petroleum Institute showed U.S. crude oil inventories rose by about 7.6 million barrels in the week ended Jan. 13, according to market sources. The API report was delayed by a day due to Monday's Martin Luther King Day public holiday in the United States. The government's Energy Information Administration will release its weekly inventory report on Thursday.

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The real price of oil is having to live with a deadly (warmer) climate worldwide forever.

France Dernières Nouvelles, France Actualités

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Oil down 1% on another surprise build in U.S. crude stocksOil prices fell on Thursday after industry data showed a large unexpected increase in U.S. crude stocks for a second week, heightening concerns of a drop in fuel demand. Thanks, Joe. Maybe since the invention of Fusion power we can have clean energy vehicles. Oil is toxic. Sadly people think they NEED it to live.
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Oil down $1 on bearish U.S. data, crude stocks buildOil futures fell as much as $1 on Thursday over recession fears as a sharp decline in U.S. retail sales and manufacturing output muddied the outlook for demand, while industry data showing a surprise jump in U.S. crude stocks also weighed on prices. You leave Bears alone, they were here long before humans were.
La source: Reuters - 🏆 2. / 97 Lire la suite »