Monday, December 23, 2024
Oil prices set for worst daily drop since April on inventories, bearish Fed- oil and gas 360

Oil prices set for worst daily drop since April on inventories, bearish Fed

Reuters LONDON – Oil prices slumped on Thursday, dragged down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year. Brent crude LCOc1 futures erased Wednesday’s gains, falling 6.6%, or $2.74, to $38.99 a barrel by 1342 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 dropped