Thu, 05 Oct 2023 11:52:22 GMT
Low US demand crashes oil prices
On Wednesday, October 4, crude oil prices declined by more than $5.00. Both US light crude oil and UK Brent crude oil prices have broken their ascending channel patterns. The breaking of the patterns occurred due to US data indicating weak demand for gasoline.
The US Energy Information Administration was the catalyst of the price drop, as it reported that