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Oil prices settle mixed after prior session's solid gains

NEW YORK
2022-10-21 04:26

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NEW YORK, Oct. 20 (Xinhua) -- Oil prices ended mixed on Thursday.

The West Texas Intermediate (WTI) for November delivery increased 43 cents, or 0.5 percent, to settle at 85.98 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for December delivery lost 3 cents, or 0.03 percent, to close at 92.38 dollars a barrel on the London ICE Futures Exchange.

Prospects of weaker energy demand amid a slowing global economy weighed on markets.

Meanwhile, prices garnered some support from a major output cut decision announced earlier this month by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.

On Wednesday, the WTI and Brent rose 3.3 percent and 2.6 percent, respectively, after data showed a decline in U.S. crude stockpiles.

The U.S. Energy Information Administration (EIA) reported Wednesday that the nation's commercial crude oil inventories decreased by 1.7 million barrels during the week ending Oct. 14.

According to the EIA, total motor gasoline inventories decreased by 0.1 million barrels last week, while distillate fuel inventories increased by 0.1 million barrels.
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