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Oil prices extend decline after demand worries spark sharp pullback

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William Watts is MarketWatch markets editor. In addition to managing markets coverage, he writes about stocks, bonds, currencies and commodities, including oil. He also writes about global macro issues and trading strategies. During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London, New York and Washington, D.C., newsrooms.

Oil futures traded lower early Thursday, after a large increase in U.S. gasoline inventories sparked the largest one-day selloff of 2023 and sent crude to its lowest close in more than a month.

“Gasoline inventory builds have spilled over into crude markets amid concerns about a potential 2024 recession driven by rising interest rates and caused a shift in the crude futures curve that has negatively impacted prompt crude prices,” Stephen Innes, managing partner at SPI Asset Management, said in a note.

 

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