Crude futures fell for a third consecutive day Wednesday, after the latest U.S. data showed higher oil inventories and as jitters over possible interest rate cuts weighed on riskier assets such as equities and energy commodities.
At 12:10 p.m. ET, July NYMEX West Texas Intermediate crude futures dropped 90cts to around $77.7/bbl, and August WTI was 95cts lower at $77.30/bbl.
London-based Brent contracts for July delivery slipped $1 to $81.9/bbl and August Brent also fell by a similar amount to $81.7/bbl.
Refined product futures were also broadly down. Most active July ULSD lost 3.45cts to $2.444/gal and front-month June ULSD was lower by the same amount to $2.4285/gal. July RBOB was down by 1.95ct to $2.479/gal and June RBOB declined by 2.1cts to $2.489/gal.
The Energy Information Administration's weekly petroleum data showed crude oil and distillate stocks both increased for the week ended Friday, while stocks for gasoline fell during the week.
Meanwhile, the latest comments by Federal Reserve policymakers on waiting longer to cut interest rates to ensure inflation is in check have pressured both Wall Street and energy futures. A weaker global economy due to high interest rates does not bode well for crude and refined product prices.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Frank Tang, ftang@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
05-22-24 1250ET
