Demand worries outweighed supply concerns this week to push down oil prices, reinforced by heightened expectations of more U.S. rate hikes that lifted the greenback. In morning trade in Asia oil was down for the third day out of the last four, despite the EIA reporting an inventory draw of 4.6 million barrels for the week to April 14, compared to a modest build in crude oil inventories for the previous week, at 600,000 barrels.
For the week before that, however, the EIA had estimated a sizable draw of 3.7 million barrels. Instead of reacting…Oil Prices Continue To Fall As Demand Concerns Persist
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