Oil prices fall as US holds off refilling strategic reserves

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Oil prices fall as US holds off refilling strategic reserves

Asia-Pacific markets are mixed this morning, and oil is edging lower amid concerns over the banking industry. US West Texas Intermediate is trading at $69 a barrel while the international benchmark Brent is at $75 a barrel. That's down from over a hundred dollars last year after Russia's attack on Ukraine shook global supply, as fears of a recession in the US mount. Officials say refilling the strategic petroleum reserve will take longer than expected. That means demand will rise slower. The stockpile is now at its lowest level since 1983, even as crude prices are set for their steepest slide since the start of the pandemic in 2020.