Oil Prices Slid Amid Concerns Over Recovery in Demand

Oil Prices Slid Amid Concerns Over Recovery in Demand

Wednesday witnessed ease out in oil prices over conjectures that fuel demand in the U.S. may not see a quick recovery as per the expectations as talks were in a stalemate over the stimulus package. It eclipsed the news of the decline of funds in the U.S. crude oil stocks, beyond expectancy.

The Brent crude futures by 0418 GMT fell to $45.13 a barrel, which is 0.7% or 33 cents from the previous readings. On Tuesday, it had hiked up 9 cents. The US WTI (West Texas Intermediate) crude futures slipped by 0.5% that is 21 cents down at $42.68 per barrel. The price remained unchanged on the previous day of trading.

Offering some respite during the uncertainties, the U.S. crude inventories plunged by 4.3 million barrels to stand at 512 million barrels. Besides, gasoline stocks displayed some spike.

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