Brent crude closes slightly lower

25/01/2023 Argaam
Oil drilling rigs

Oil drilling rigs

Brent crude slipped marginally today, Jan. 25, after the release of US inventories data and as investors studied demand outlook.

 

US Energy Information Administration data revealed that oil inventories rose by 500,000 barrels in the week ended Jan. 20, against the expectations for an increase of 1.2 million barrels.

 

Gasoline stocks rose in the US by 1.8 million barrels, distillate stocks fell by 500,000 barrels.

 

Investors are also monitoring concerns about a US economic recession, even amid optimism about demand recovery in China as Zero-COVID measures are eased.

 

International benchmark Brent crude closed down 1 cent at $86.12 a barrel.

 

Meanwhile, WTI crude rose slightly to $80.15 per barrel.

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