SINGAPORE (dpa-AFX) – Oil prices extended their previous day’s losses on Wednesday. In the morning, a barrel (159 liters) of North Sea Brent for delivery in April cost 84.81 US dollars. That was 77 cents less than on Tuesday. The price of a barrel of the American West Texas Intermediate (WTI) variety for March delivery fell by 78 cents to $78.28.
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Crude oil prices were recently weighed down by a media report that the US government intends to sell more crude oil from its strategic reserve. The move is in response to a production cut by Russia. Price pressure is also being exerted by the prospect of further rate hikes by the US Federal Reserve. Inflation data on Tuesday was higher than expected.
There was also new supply data from the USA. The American Petroleum Institute (API) reported a significant buildup in national crude inventories Tuesday night. On Wednesday afternoon, the government publishes its weekly data, which is always closely monitored on the oil market./bgf/mis