Oil prices ended lower in the market with renewed concern over global demand for crude. Brent fell 0.5% to 55.53 dollars and WTI closed with a loss of 1.0% to 52.34 dollars.
Felicien Houessou
North Sea Brent crude fell to $55.53 a barrel, down 0.5%. The US barrel of WTI for the same month also fell 51 cents to $52.34 (-1.0%). uncertainty about the global economic recovery is taking precedence over the fall in US crude inventories.
Stephen Innes, an analyst at Axi, said the impetus given by falling crude oil inventories in the United States has not been very effective in countering negative market sentiment. And to add that the pressure on short-term demand “continues to weigh heavily”.
The U.S. Energy Information Agency (EIA) will also say in its weekly report released Wednesday that U.S. commercial crude inventories deflated by 9.9 million barrels the week of Jan. 22. This is the lowest decline since March 2021.
Faced with containment measures and vaccination campaigns around the world, the President of the American Central Bank Jerome Powell spoke of “a long road before a full economic recovery” and “highly uncertain prospects”.