COMMODITY
Crude oil futures end lower as US crude inventories rise
Jan-30-2025

Crude oil futures ended lower on Wednesday after data showed crude inventories in the U.S. rose in the week ended January 24. Data from the Energy Information Administration (EIA) showed crude oil inventories jumped by 3.5 million barrels last week after dipping by 1.0 million barrels in the previous week. Street had expected crude oil inventories to surge by 3.7 million barrels. further, easing worries about supply disruptions from Libya contributed as well to the drop in oil prices. According to reports, Libya's state-run National Oil Corp said oil exports were continuing without disruption following talks with protesters at the Es Sider and Ras Lanuf ports. Besides, concerns about the outlook for oil demand from China continued to weigh on oil prices. 

Benchmark crude oil futures for March fell $1.15 or 1.56 percent to settle at $72.62 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $0.91 or 1.17 percent to settle at $76.58 a barrel on London's Intercontinental Exchange.


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