West TX Oil Drops Below $51 as China Inflation Hits Low

Brent crude and WTI prices slipped on Tuesday after the International Energy Agency (IEA) warned that oil prices may decline as stocks continue to increase this year.

U.S. crude futures closed down $2.84, at $50.02 a barrel after hitting a session low of $49.91 a barrel.  Brent crude fell about $2 to $56 a barrel, ending a three-day rally. The benchmark gained more than 9 percent last week, its biggest weekly rise since February 2011.

Oil stocks held by countries in the Organisation for Economic Cooperation and Development may come close to the all-time high of 2.83 billion barrels in the middle of 2015, said the IEA, which advises the West on energy policy.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.