COMMODITY
Crude oil futures end deeply in red on Wednesday
Apr-18-2024

Crude oil futures ended deeply in red on Wednesday. The sell-off by the price of crude oil partly reflected optimism Israel will show restraint in its response to Iran's recent missile attack, avoiding the Islamic republic's oil infrastructure. Besides, a report from the Energy Information Administration showing an extended surge in U.S. crude oil inventories also weigh on the price. The report said crude oil inventories jumped by 2.7 million barrels last week after spiking by 5.8 million barrels in the previous week. Street had expected crude oil inventories to rise by 1.6 million barrels.

Benchmark crude oil futures for May delivery fell $2.67 or 3.1% to settle at $82.69 a barrel on the New York Mercantile Exchange. Brent crude for June delivery declined $2.73 or 3% to $87.29 per barrel on London's Intercontinental Exchange. 

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