Oil prices settle mixed after drop in U.S. inventories
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E-mail Xinhua, April 21, 2022
NEW YORK, April 20 (Xinhua) -- Oil prices ended mixed on Wednesday after data showed a hefty drop in U.S. crude stockpiles.
The West Texas Intermediate for May delivery added 19 cents, or 0.2 percent, to settle at 102.75 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery decreased 45 cents, or 0.4 percent, to close at 106.80 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration (EIA) on Wednesday reported that the nation's crude inventories decreased by 8 million barrels during the week ending April 15. Analysts polled by S&P Global Commodity Insights had expected the EIA publications to show a rise of 2.2 million barrels in U.S. crude supplies.
According to the EIA, total motor gasoline inventories decreased by 0.8 million barrels last week, while distillate fuel inventories decreased by 2.7 million barrels.
Traders continued to assess risks on the demand side.
The International Monetary Fund on Tuesday slashed global growth forecast for 2022 to 3.6 percent amid the Russia-Ukraine conflict, 0.8 percentage points lower than the January projection.
On Tuesday, the U.S. crude standard and Brent both tumbled more than 5 percent, as demand concerns outweighed supply concerns on the market. Enditem
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