WASHINGTON (dpa-AFX) - Despite data showing an unexpected drop in U.S. crude inventories, oil prices drifted lower on Wednesday amid concerns about the outlook for demand.
News about U.S. and Ukraine agreeing on a minerals deal has eased concerns about a conflict between the two nations, and raised the possibility of increased crude supply from the European region.
The development has removed much of the supply uncertainty as it has riased prospects of the U.S. lifting some of the sanctions on Russia.
The Trump administration's tariff policies could slowdown global economic growth and result in a drop in oil demand.
West Texas Intermediate Crude oil futures for April settled lower by $0.31 at $68.62 a barrel.
Brent crude futures were down $0.32 or 0.44% at $72.18 a barrel a little while ago.
Data released by U.S. Energy Information Administration (EIA) showed crude oil inventories fell by 2.3 million barrels in the week ended February 21st, after surging by 4.6 million barrels in the previous week. Economists had expected crude oil inventories to increase by 2.3 million barrels.
At 430.2 million barrels, U.S. crude oil inventories are about 4 percent below the five-year average for this time of year, the EIA said.
Meanwhile, the EIA said gasoline inventories crept up by 0.4 million barrels last week and are just slightly below the five-year average for this time of year.
Distillate fuel inventories, which include heating oil and diesel, jumped by 3.9 million barrels last week but remain about 8% below the five-year average for this time of year.
Copyright(c) 2025 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2025 AFX News
