• Call Us: +233(0)31 229 9909
  • Email Us
Monday, October 6, 2025
OilCity Radio 95.9fm
ADVERTISEMENT
  • Home
  • News
    • All
    • Africa
    • Ghana
    • Government
    • Kwesimintsim
    • The Oil City
    • World
    Apremdo Chief endorses Dr. Prince Hamid Armah for 2024 election

    Apremdo Chief endorses Dr. Prince Hamid Armah for 2024 election

    Lawyer publicly demands unpaid fees from former Kwesimintsim MP, Joseph Mensah

    Lawyer publicly demands unpaid fees from former Kwesimintsim MP, Joseph Mensah

    Works & Housing: Deputy Minister rallies CEOs to power Ghana’s growth through engineering

    Works & Housing: Deputy Minister rallies CEOs to power Ghana’s growth through engineering

  • Politics
  • Business
    • All
    • Economy
    • Technology
    • Transport
    Shippers Authority

    Shippers Authority Bill gets parliamentary approval

    Ghana’s crude oil production decline from 71.44 million to 48.25 million Barrels in 2023- PIAC says

    Ghana’s crude oil production decline from 71.44 million to 48.25 million Barrels in 2023- PIAC says

    Société Générale exit Ghanaian market after 2 decades

    Société Générale exit Ghanaian market after 2 decades

    Ghana’s economy reaches GH₵841 billion in 2023

    Ghana’s economy reaches GH₵841 billion in 2023

    Elon Musk: Social media platform X could go behind paywall

    Elon Musk announces first Neuralink wireless brain chip implant

    Accounts not linked to Ghana Cards to be blocked on Feb. 1 – Telecos Chamber caution Momo agents

    Accounts not linked to Ghana Cards to be blocked on Feb. 1 – Telecos Chamber caution Momo agents

    Fuel prices go up; currently selling at over GH¢13 per litre

    Ghana ranked 44th African country with the cheapest fuel costs at the start of 2024

    TV signals to be disconnected if broadcasters fail to pay for DTT platform, Ursula says

    TV signals to be disconnected if broadcasters fail to pay for DTT platform, Ursula says

    YEA to employ 20,000 youths under BEAP- Bawumia reveals

    YEA to employ 20,000 youths under BEAP- Bawumia reveals

  • Sports
  • Entertainment
  • Opinion
  • More
    • Elections
    • Flights
    • Infographics
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Ghana
    • Government
    • Kwesimintsim
    • The Oil City
    • World
    Apremdo Chief endorses Dr. Prince Hamid Armah for 2024 election

    Apremdo Chief endorses Dr. Prince Hamid Armah for 2024 election

    Lawyer publicly demands unpaid fees from former Kwesimintsim MP, Joseph Mensah

    Lawyer publicly demands unpaid fees from former Kwesimintsim MP, Joseph Mensah

    Works & Housing: Deputy Minister rallies CEOs to power Ghana’s growth through engineering

    Works & Housing: Deputy Minister rallies CEOs to power Ghana’s growth through engineering

  • Politics
  • Business
    • All
    • Economy
    • Technology
    • Transport
    Shippers Authority

    Shippers Authority Bill gets parliamentary approval

    Ghana’s crude oil production decline from 71.44 million to 48.25 million Barrels in 2023- PIAC says

    Ghana’s crude oil production decline from 71.44 million to 48.25 million Barrels in 2023- PIAC says

    Société Générale exit Ghanaian market after 2 decades

    Société Générale exit Ghanaian market after 2 decades

    Ghana’s economy reaches GH₵841 billion in 2023

    Ghana’s economy reaches GH₵841 billion in 2023

    Elon Musk: Social media platform X could go behind paywall

    Elon Musk announces first Neuralink wireless brain chip implant

    Accounts not linked to Ghana Cards to be blocked on Feb. 1 – Telecos Chamber caution Momo agents

    Accounts not linked to Ghana Cards to be blocked on Feb. 1 – Telecos Chamber caution Momo agents

    Fuel prices go up; currently selling at over GH¢13 per litre

    Ghana ranked 44th African country with the cheapest fuel costs at the start of 2024

    TV signals to be disconnected if broadcasters fail to pay for DTT platform, Ursula says

    TV signals to be disconnected if broadcasters fail to pay for DTT platform, Ursula says

    YEA to employ 20,000 youths under BEAP- Bawumia reveals

    YEA to employ 20,000 youths under BEAP- Bawumia reveals

  • Sports
  • Entertainment
  • Opinion
  • More
    • Elections
    • Flights
    • Infographics
No Result
View All Result
OilCity Radio 95.9fm
No Result
View All Result

Oil falls due to unexpected growth in US inventories

by OilCity Radio
May 11, 2023
Oil falls due to unexpected growth in US inventories
Share on FacebookShare on Twitter

Oil prices fell on Wednesday, ending a three-day rally as an unexpected rise in U.S. oil inventories sparked demand concerns and investors awaited inflation data for a steer on U.S. interest rates.

Brent crude dropped US$1.01, or 1.3%, to US$76.43 a barrel by 0855 GMT while U.S. West Texas Intermediate (WTI) crude fell 99 cents, or 1.3%, to US$72.72.

In a possible sign of weakening demand, U.S. crude inventories rose by about 3.6 million barrels in the week ended May 5 while gasoline stockpiles rose by 399,000 barrels, the American Petroleum Institute was reported as saying by market sources on Tuesday.

ADVERTISEMENT

The data defied expectations from eight analysts polled by Reuters for a drawdown of 900,000 barrels of crude and a 1.2 million barrel drop in gasoline stocks. U.S. government data on oil inventories is due on Wednesday.

The surprising U.S. inventory build along with lower crude imports and April’s softer export growth in China exacerbated worries about global oil demand.

“Crude futures were unwinding Tuesday’s modest gains early Wednesday as economic worries occupied centre stage, especially over the world’s two largest economies,” said Vandana Hari, founder of oil market analysis provider Vanda Insights.

The market is awaiting U.S. consumer price index (CPI) figures for April on Wednesday.

New York Fed President John Williams said inflation remains too high and the central bank will raise rates again if necessary, even though the Federal Reserve dropped guidance about the need for future hikes.

The market is also awaiting the monthly oil report from the Organization of the Petroleum Exporting Countries (OPEC) on Thursday for clues on whether the group and its allies will need to cut output again to prop up prices.

OPEC and its allies, together known as OPEC+, agreed last month to cut production by 1.16 million barrels per day (bpd) from May through to the end of the year.

Meanwhile, markets were monitoring US President Joe Biden and top Republican lawmakers’ comments on raising the US$31.4 trillion U.S. debt ceiling, fearing an unprecedented default if Congress does not act in the next three weeks.

Source: Reuters

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

ADVERTISEMENT

Stay Connected

  • Trending
  • Comments
  • Latest
BECE 2022: 538,399 out of 547,329 candidates qualify for school placement

BECE 2022: 538,399 out of 547,329 candidates qualify for school placement

February 15, 2023
COCOBOD intercepts over 1,500 bags of cocoa being smuggled

COCOBOD intercepts over 1,500 bags of cocoa being smuggled

March 20, 2023
‘I have respect for elders’- Haruna Iddrisu rejects seat offered by Minority Caucas

‘I have respect for elders’- Haruna Iddrisu rejects seat offered by Minority Caucas

February 9, 2023
Gold 4 oil policy: Fuel prices may decline this week – COPEC

Gold 4 oil policy: Fuel prices may decline this week – COPEC

January 23, 2023
Let’s support the new national officers to “Break the Eight” – Akufo-Addo

Let’s support the new national officers to “Break the Eight” – Akufo-Addo

1
Clerk must inform the EC, Adwoa Safo’s seat is vacant- Privileges Committee

I’m not deterred by attempts to depose me as MP, Adwoa Safo fires NPP

1
Over 12 million people have registered their SIM cards- Ursula Owusu

Over 12 million people have registered their SIM cards- Ursula Owusu

1

Nigeria bans entry for travelers from 13 countries, announces five new cases of coronavirus

0
Apremdo Chief endorses Dr. Prince Hamid Armah for 2024 election

Apremdo Chief endorses Dr. Prince Hamid Armah for 2024 election

December 3, 2024
Lawyer publicly demands unpaid fees from former Kwesimintsim MP, Joseph Mensah

Lawyer publicly demands unpaid fees from former Kwesimintsim MP, Joseph Mensah

November 21, 2024
LinkUp Daddy Readies “Décaler”: A Bold Musical Statement

LinkUp Daddy Readies “Décaler”: A Bold Musical Statement

November 1, 2024
Works & Housing: Deputy Minister rallies CEOs to power Ghana’s growth through engineering

Works & Housing: Deputy Minister rallies CEOs to power Ghana’s growth through engineering

September 25, 2024
ADVERTISEMENT

Recent News

Apremdo Chief endorses Dr. Prince Hamid Armah for 2024 election

Apremdo Chief endorses Dr. Prince Hamid Armah for 2024 election

December 3, 2024
Lawyer publicly demands unpaid fees from former Kwesimintsim MP, Joseph Mensah

Lawyer publicly demands unpaid fees from former Kwesimintsim MP, Joseph Mensah

November 21, 2024
LinkUp Daddy Readies “Décaler”: A Bold Musical Statement

LinkUp Daddy Readies “Décaler”: A Bold Musical Statement

November 1, 2024
Works & Housing: Deputy Minister rallies CEOs to power Ghana’s growth through engineering

Works & Housing: Deputy Minister rallies CEOs to power Ghana’s growth through engineering

September 25, 2024
OilCity Radio 95.9fm

OilCity Radiio 95.9 is committed to reaching out to the people of Kwesimintsim and Takoradi quality news and music and mix of good sports news. The Voice of People matters and needs to be heard.

Follow Us

Apremdo Chief endorses Dr. Prince Hamid Armah for 2024 election
News

Apremdo Chief endorses Dr. Prince Hamid Armah for 2024 election

December 3, 2024
0

The Divisional Chief of Apremdo, Nana Egya Kwamena XI, has called on residents of the Kwesimintsim Constituency to rally behind...

Read more

Newsletter


  • Call Us: +233(0)31 229 9909
  • Email Us

© 2022 OilCity Radio 95.9 - The Voice of the People.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sports
  • Entertainment
  • Opinion
  • More
    • Elections
    • Flights
    • Infographics

© 2022 OilCity Radio 95.9 - The Voice of the People.