Oil prices decline further as US crude inventories rise
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#12d86ea3 ver:0.46
Oil prices continued to slide for a second consecutive day on Wednesday, following the release of US data showing a significant increase in crude inventories. Brent crude futures for May settled down 17 cents, or 0.2%, to $85.78 a barrel, while US West Texas Intermediate (WTI) futures for May settled down 20 cents, or 0.3%, to $81.07 a barrel. The decline in prices was attributed to weaker US gasoline demand data and reports of a United Nations draft resolution calling for a ceasefire in Gaza. Gasoline inventories fell for a seventh week, down 3.3 million barrels to 230.8 million, and gasoline product supplied slipped below 9 million barrels, suggesting that gasoline markets may have been overbought. The US drafted a UN resolution calling for a ceasefire that would allow the release of 40 ...
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