Oil slides on sudden U.S. stockpile build, demand concerns
Oil prices fell on Wednesday on a sudden build in U.S. crude oil stockpile and as investors worried about fuel demand being squeezed amid stricter lockdowns in Europe.
Brent crude futures dropped 0.2%, or 11 cents, at $50.65 per barrel. U.S. West Texas Intermediate crude futures slid 0.2%, or 9 cents, at $47.53 per barrel.
Crude inventories grew by 2 million barrels to 495 million barrels in the week ended Dec. 11, contrary to analysts’ expectations for a 1.9-million barrel drawdown.
The IEA reduced its forecast for oil demand this year by 50,000 bpd and by 170,000 bpd for 2021.
Still, vaccine rollouts in the United States continued on Tuesday as Moderna Inc prepares for regulatory authorization this week.