January 11, 2023
Baghdad / Obelisk: Oil prices fell, on Wednesday, January 11, 2023, giving up the gains of the previous session, after data in the sector revealed an unexpected increase in US crude and fuel stocks, which raised concerns about fuel demand.
According to Archyde.com, West Texas Intermediate crude futures fell 0.8 percent to $74.53 a barrel by 01:34 GMT, while Brent crude futures fell 0.8 percent to $79.48 a barrel.
Sources said, citing data from the American Petroleum Institute, that US crude stocks jumped by 14.9 million barrels in the week ending January 6. At the same time, distillate stocks, which include heating oil and jet fuel, rose by about 1.1 million barrels.
Analysts expected crude stocks to decline by 2.2 million barrels and distillate stocks to drop by 500 thousand barrels.
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