Crude oil prices were set to record their sharpest weekly decline since March, pressured by demand concerns despite OPEC’s decision to continue constraining supply. Since the start of the week, Brent crude has shed close to 12% and West Texas Intermediate has declined by almost 9%. The crash, which seemed to be sparked by the EIA’s report of weak U.S. gasoline demand, led to a rapid change in market sentiment.
“The decline in gasoline demand is unsurprising as inflation’s erosion on household budgets comes home to roost,” Mizuho Bank analyst Vishnu Varathan told the news outlet in comments on the latest gasoline consumption data out of the U.S., which showed a marked weakening. The EIA reported on Wednesday that gasoline inventories had added 6.
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