West Texas Intermediate crude fell below $100 a barrel level on Wednesday, weighed by expectations of higher U.S. supplies last week, suggesting a slowdown in demand as the weather improved.
The energy markets are bracing for another hectic week apparently as investors await fresh economic data from China and the US to assess the prospects for global oil demand, especially after we saw worse-than-expected trade data from China.
Meanwhile, traders are awaiting data later in the day from the US Energy Information Administration (EIA) which will probably show US crude stockpiles rose 2.0 million barrels in the week ending March 7, compared with last week`s reported rise of 1.4 million barrels.
As of 04:16 a.m. ET:
- WTI Crude for April delivery fell 0.78% to $99.25 a barrel
- Brent Crude fell 0.41% to $107.10 a barrel
With rising expectations for the EIA supply data before the release later today, concerns over the crisis in Ukraine might kindly offer support to the benchmarks, especially Brent crude, as markets fret about an escalation in tension.
Oil futures fell more than 1.0% yesterday, settling at their lowest level in a month amid lingering worries about a slowdown in China`s economy and expectations on a rise in weekly US crude inventories.
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WTI Crude Fell Below $100 A Barrel
Published 03/12/2014, 05:47 AM
Updated 07/09/2023, 06:31 AM
WTI Crude Fell Below $100 A Barrel
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