Crude Oil settles down by more than $1/bbl on demand fears and Supply expansion by OPEC
- Benchmark prices have fallen sharply in past week
- Hit by soft US, China data; possible Libya output return
- OPEC+ could delay planned output increase, sources say
Crude futures sank more than $1 per barrel on Wednesday in see-saw trading, with traders concerned about demand in the coming months as oil suppliers provided confusing signals about supply increases.
Brent crude futures fell $1.05, or 1.42%, to $72.70 a barrel. U.S. West Texas Intermediate crude futures fell $1.14, or 1.62%, to $69.20.
During the session, both benchmarks bounced from $1 down to $1 up on news that OPEC+ was delaying a probable output increase since Libyan production is projected to grow.
