Crude Oil Climbs Off Worst Levels But Still Closes Lower

(RTTNews) - The price of crude oil regained ground after moving sharply lower in early trading on Wednesday but still closed in negative territory.

After falling as low as $77.25 a barrel, the price of crude oil for March delivery ended the day down $0.47 at $78.59 a barrel.

Concerns about the outlook for interest rates contributed to the decrease by oil prices following yesterday's inflation data and today's strong retail sales data.

The steep drop in early trading also came as a report from the Energy Information Administration showed U.S. crude oil inventories surged by much more than expected in the week ended February 10th.

The report said crude oil inventories spiked by 16.3 million barrels last week compared to estimates for an increase of 1.2 million barrels.

Selling pressure waned as the day progressed, however, as the International Energy Agency raised its forecast for oil demand growth in 2023.