October 3, 2023 - WorldOra's Carbon News
Oil Falls Most in a Year as Economic Storm Clouds Imperil Demand (Bloomberg) -- Oil plunged the most in more than a year as early signals that demand is flagging exacerbated markets’ unease over the prospect of a punishing stretch of high interest rates.
Oil settles down more than $5 as US data shows weak demand for … Oil prices settled down more than $5 on Wednesday as fuel demand destruction and a bleaker macroeconomic picture took center stage in the day's trade. Brent crude oil futures settled down 5.11, or 5.6%, to $85.81 a barrel while West Texas Intermediate crude (WTI) fell $5.01, or 5.6%, to $84.22.
At their session lows, both benchmarks were down by more than $5, and heating oil and gasoline futures also fell by more than 5%. Crude oil prices have fallen by about $10 since last week's settlement.
Finished motor gasoline supplied, a proxy for demand, fell last week to about 8 million bpd, its lowest since the start of this year, the U.S. Energy Information Administration (EIA) reported Wednesday.