Oil prices settle down on strong US supply

Quick Summary:

Oil prices settled lower on Wednesday after US crude and gasoline stocks rose by more than expected last week, but losses were capped by worries about the intensifying war between major oil producer Russia and Ukraine.

The US West Texas Intermediate contract for January settled down 49 cents, or 0.71% at US$68.75.

"These risks to supply are definitely keeping the support here and offsetting to a degree concerns around the global demand outlook," said John Kilduff, partner at Again Capital in New York.

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Category: EconomyBusiness

Markets: MalaysiaIsraelNorwayUkraine

Topics: CrudeStocks OilPrices GeopoliticalRisk OPECDecisions MiddleEastTensions Commodities WTIPrices GlobalDemand RussianConflict /Business/

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Article Type: News Report

Published On: 2024-11-21 @ 06:38:00 (3 days ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

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