: U.S. oil prices settle below $80, at their lowest in over 2 weeks


Oil futures declined Wednesday, with U.S. benchmark prices settling below $80 a barrel – at their lowest in more than two weeks as traders continued to show concern over the outlook for energy demand. A bigger-than-expected weekly decline of 4.6 million barrels in U.S. crude inventories, reported by the Energy Information Administration on Wednesday, failed to provide a lift to oil prices. May West Texas Intermediate crude CLK23, -2.11% declined by $1.70, or 2.1%, to settle at $79.16 a barrel on the New York Mercantile Exchange. Front-month contract prices settled at their lowest since March 31, FactSet data show.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleMarket Extra: ‘Deep, lingering, persistent’ skepticism over China’s growth potential is keeping global financial markets from embracing its reopening
Next articleTaylor Swift sidestepped FTX entanglement by asking this question, says lawyer


Please enter your comment!
Please enter your name here