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Oil prices slide as US inventory report reflects demand weakness

Brent crude futures settled at $41.73 a barrel, down $1.43, or 3.3 per cent

OPEC, OPEC , Oil
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Crude inventories fell by 1 million barrels in the week to Oct. 16 to 488.1 million barrels, while gasoline stocks rose in another weak showing for fuel demand

Reuters New York
Oil prices settled lower on Wednesday after US inventory figures showed demand weakening for refined products as global Covid-19 cases spiked.

Brent crude futures settled at $41.73 a barrel, down $1.43, or 3.3 per cent, as of 12:48 p.m. ET. US West Texas Intermediate (WTI) crude futures dropped $1.67, or 4 per cent, to $40.03. Both benchmarks rose in the previous session.

Crude inventories fell by 1 million barrels in the week to Oct. 16 to 488.1 million barrels, while gasoline stocks rose in another weak showing for fuel demand.

Overall product supplied, a proxy for demand, remained down 13 per cent on

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First Published: Oct 22 2020 | 2:08 AM IST

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