Oil Pauses Near 14-Month Low on Signs of Falling US Stockpiles [Financial Post (Toronto, Ontario, Canada)]
Citigroup, Inc. (C)
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Oil steadied near the lowest close since June 2023 as an industry report pointed to a big draw in US crude stockpiles, with the market taking a breather following a sharp selloff this week. Brent traded below $73 a barrel after losing almost 8% since the start of the week. West Texas Intermediate was near $69. The American Petroleum Institute reported crude inventories dropped by 7.4 million barrels, according to people familiar with the data. That would be the biggest decline since June, if confirmed by official figures later Thursday. Crude has tumbled on persistent concerns about the economic outlook in key consumers and expectations of ample supply. Indications that OPEC+ is considering a delay to a planned output boost from October failed to halt the recent slide. Traders were also tracking Libyan production as a tussle between rival easter
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Earnings
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Sec Filings
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- C's page on the SEC website