Oil Tumbles to Erase 2022 Gains on Easing Demand for Fuels
- US distillate inventories and gasoline stockpiles climbed
- Falling liquidity has weighed on prices in recent days
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It doesn’t take much to get oil prices moving lower these days, thanks to shrinking liquidity that’s sapped the life out of the market.
Both benchmarks have now erased all their gains for 2022. Prices on Wednesday headed for a fourth straight loss, with West Texas Intermediate trading near $72 a barrel and Brent dropping to the lowest in about a year. The market took another turn lower on signs of easing constraints for US fuel supplies and as risk-off sentiment gained momentum.