Only two days ago analysts were predicting oil over $100 a barrel, but by Wednesday midday, crude prices were nose-diving by close to 3% as demand concerns heavily outweighed the prospect of a wider regional conflict in the Middle East
. At 1241 p.m. ET on Wednesday, Brent crude oil was trading down 3.18% at $87.16, for a $2.86 per barrel loss on the day, while the U.S. crude oil benchmark, West Texas Intermediate WTI, was trading down 3.25% at $82.59, for a loss of $2.77 per barrel on the day. Earlier on Wednesday, the Energy Information Administration EIA released its weekly inventory report showing a build of 2.7 million barrels to 460 million barrels in the week ending April 12.
'Oil prices go about their business of unwinding some of the war premium that has been priced in,' also noting that oil prices were experiencing downward pressure over dwindling hopes of interest rate cuts by the Fed.
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