The Dow Jones Industrial Average fell 150.51 points, or 0.43%, to 34,449.87, the S&P 500 lost 27.33 points, or 0.65%, to 4,180.79 and the Nasdaq Composite dropped 153.56 points, or 1.12%, to 13,602.76
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U.S. crude oil stockpiles dropped more than expected as refiners increased activity heading into the summer driving season, the Energy Information Administration said on Wednesday.
Crude inventories fell by 5.9 million barrels in the week to April 9 to 492.4 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.9 million-barrel drop.
Refinery utilization rates rose by 1 percentage point to 85% of overall capacity. That is the highest since March of last year, just before the coronavirus pandemic caused refiners to severely restrict processing activities as demand dove.
Oil prices slide for third day; Brent crude reaches $68.39 per barrel
Brent crude fell 49 cents to settle at $68.39 a barrel, while US crude dropped 59 cents to end at $64.80 a barrel
Reuters | March 17, 2021 | Updated 08:36 IST
Oil prices fell for a third day on Tuesday, as Germany, France and other European states suspended the use of a major coronavirus vaccine, threatening the recovery of fuel demand. Brent crude fell 49 cents to settle at $68.39 a barrel, while US crude dropped 59 cents to end at $64.80 a barrel.
Earlier this month, Brent reached its highest since early 2020, while US crude hit a 2018 high. Germany, France and Italy said they would suspend use of the Oxford/AstraZeneca COVID-19 vaccine after reports about possible serious side effects, although the World Health Organization said there was no established link to the vaccine.
Oil prices slip for fourth day on European demand worries theglobeandmail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from theglobeandmail.com Daily Mail and Mail on Sunday newspapers.
Read more about Brent cracks $70 for 1st time since Covid after Saudi facilities attacked on Business Standard. Brent crude futures jumped above $70 a barrel for the first time since Covid pandemic began, while US crude touched its highest in over two years, following reports of attacks on Saudi oil facilities