Energy prices traded in the red on Wednesday after a private survey reported a much-bigger-than-expected rise in US oil supplies for las week. Continuous increase in US crude inventories became the primary factor offsetting the OPEC output cut deal and driving the oil prices into the negative territory.
Meanwhile, Chinese demand for crude has also diminished, rising at a much slower rate than in the past two years. The slowdown in growth has been linked with a much smaller consumption of gasoline and diesel.
West Texas Intermediate for March delivery lost 1.13%, changing hands for $51.65 per barrel at 10:43 am CET. International benchmark Brent for settlements in April shed 0.64% to trade for $54.70 per barrel at 10:45 am CET.
Image: EPA / LEO LA VALLE
