Oil Prices Decline Amid Economic Concerns

Investors' growing fears of an impending recession have led to a more than 1% drop in oil prices on Wednesday. This comes after reports indicated a significant decline in US consumer confidence, reaching its lowest since the COVID-19 pandemic began, and fewer job openings than anticipated in March.

US Oil Inventories Add to Oversupply Worries

Compounding the market's anxiety, US oil inventories reportedly surged by 3.76 million barrels in the week ending April 25, raising concerns about potential oversupply.

Market Reactions

West Texas Intermediate (WTI) for June deliveries fell by 1.29% to $59.64 per barrel at 5:25 am ET, while Brent for the same month's settlements decreased by 1.37% to $63.35 per barrel at 5:26 am ET.