West TX Oil down to $102 as U.S. Crude Stockpiles Gain

West Texas Intermediate declined for a third day after U.S. crude inventories increased while tension in Ukraine continued to ease. Brent was little changed.

Futures dropped as much as 0.9 percent in New York to their lowest intraday level since Feb. 18. Crude stockpiles gained for a seventh week while supplies at Cushing in Oklahoma, the delivery point for WTI contracts, slid to the lowest level in two years with the opening of a new pipeline. European Union leaders quarreled over how to tame Russia after its military moves in Ukraine.

“Crude has been falling since Monday as the geo-political risk drops off,” Thina Saltvedt, an analyst at Oslo-based Nordea Markets, said by phone. “The Ukraine risk premium has disappeared for now as we are at least getting dialogue between Russia and the West.”

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.