Oil heads for longest losing run since 2021 on slowdown concerns
BNN Bloomberg
Oil fell for a fourth day, set for the longest losing run in more than a year, as investors fretted that a global slowdown would hurt energy consumption and an industry report pointed to a major build in U.S. inventories.
West Texas Intermediate fell toward US$87 a barrel following a drop of almost six per cent over the prior three days. On Wednesday, minutes from the Federal Reserve showed officials committed to raising interest rates to a restrictive level and holding them there to curb inflation, potentially slowing growth.
Figures from the industry-funded American Petroleum Institute, meanwhile, showed an increase of more than seven million barrels last week, according to people familiar with the release. Official data will follow later Thursday.