Oil prices lost ground despite large US inventory drawdown
Economies.com
2024-04-24 20:42PM UTC
Oil prices fell on Wednesday despite earlier official data that showed a steep decline in US crude stocks last week.
US crude stocks fell 6.4 million barrels last week to 453.6 million barrels, while analysts expected a drop of 2.1 million barrels.
Gasoline stocks fell 0.6 million barrels to 226.7 million barrels, as distillate stocks fell by 1.6 million barrels to 116.6 million barrels.
On trading, Brent June futures fell 0.45%, or 40 cents to $88.02 a barrel.
US crude June futures fell 0.65%, or 55 cents to $82.81 a barrel.
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