Commodities
Oil Stagnates as US Supplies Swell, Demand Rebound Underwhelms
- Diesel slips to its lowest price since early in 2021
- WTI crude futures hold steady after last week’s decline
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Oil prices stagnated this week as traders confront bearish trends including rising US stockpiles and a rebound in demand that hasn’t lived up to expectations.
US crude inventories have grown by almost 24 million barrels in the last two weeks, adding to an already oversupplied market. Diesel prices also hit their lowest since pre-war levels as inventories rise and Russia finds ways to export significant amounts of the fuel, said Dennis Kissler, senior vice president of trading at BOK Financial Securities.