Oil prices fell on Wednesday as rising fuel stockpiles in the United States raised concerns of declining demand

crude-oil

Oil prices fell on Wednesday as rising fuel stockpiles in the United States raised concerns of declining demand in the world’s biggest oil consumer amid a massive spike in COVID-19 cases caused by the Omicron variant.

U.S. gasoline stockpiles rose by 7.1 million barrels in the week to December 31, the American Petroleum Institute (API) reported late on Tuesday. Distillate stockpiles climbed by 4.4 million barrels in the week.

News Source:- Moneycontrol

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