{"id":1184520,"date":"2023-03-07T12:12:47","date_gmt":"2023-03-07T17:12:47","guid":{"rendered":"https:\/\/bugaluu.com\/news\/wti-extends-losses-despite-api-reporting-first-crude-draw-in-11-weeks\/1184520\/"},"modified":"2023-03-07T12:12:47","modified_gmt":"2023-03-07T17:12:47","slug":"wti-extends-losses-despite-api-reporting-first-crude-draw-in-11-weeks","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/wti-extends-losses-despite-api-reporting-first-crude-draw-in-11-weeks\/1184520\/","title":{"rendered":"WTI Extends Losses Despite API Reporting First Crude Draw In 11 Weeks"},"content":{"rendered":"
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WTI Extends Losses Despite API Reporting First Crude Draw In 11 Weeks<\/span><\/p>\n

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Oil prices tumbled today for the first time in six days, with WTI tumbling from almost $81 to almost a $76 handle intraday, hit by weaker-than-expected import data from China and a more hawkish-than-expected Fed Chair raising demand concerns due to the potential for more aggressive interest-rate hikes.<\/p>\n

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“Tight global supply, war, sanctions on Russia oil and the rising Chinese and global demand tilt the balance for higher oil prices in the medium run,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, in a daily note.<\/em><\/p>\n

“But higher energy prices mean higher inflation, and higher inflation means tighter monetary policies which, in return, increase the global recession odds, and could weigh on oil prices,” she said.<\/em><\/p>\n<\/blockquote>\n

The question now is, will the 10-week streak of builds in US crude stocks end?<\/p>\n

API<\/strong><\/u><\/p>\n