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Brent crude drops by 3% to hit a seven-week low of $83.29 per barrel in previous sessions due to rising US stockpiles, while WTI crude falls below $79. Both ended their winning streak in April with declines. EIA reports unexpected increase in US crude stockpiles and production in February.
Prices jumped higher on Tuesday after a fresh round of Ukrainian drone attacks on Russian refineries threatened to take even more of the country's processing capacity offline.
Both Brent and WTI benchmarks have exhibited steady growth throughout the year, with Brent soaring nearly 11% and WTI around 12.5% by the close of trading on Friday.
BEIJING: Oil fell on Wednesday as lacklustre economic data in China, the world’s biggest crude importer, weighed on...
BEIJING: Oil prices fell on Wednesday as lacklustre economic activity in China, the world’s biggest crude importer,...