Oil prices edge down for second day straight on rising US fuel inventories

Quick Summary:

The premium of the first-month Brent contract over the six-month contract reached its widest since August on Wednesday.

Brent crude futures fell 8 cents to $76.08 a barrel by 0409 GMT.

A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

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Category: BusinessFinance

Markets: IndiaChinaUkraine

Topics: Oil prices Canadian wildfires Israel U.S. West Texas Intermediate crude Hamas Palestine Crude Oil President Joe Biden War in Gaza US inventories Middle east Brent crude futures Commerzbank analyst Carsten Fritsch

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-01-09 @ 10:46:38 (14 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 464 words

Reading Time: 3 minutes read

Sentences: 16 lines

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Copyright Owner: © Business Standard

News ID: 24991594

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