Oil prices experienced a marginal increase yesterday, Thursday, following the latest market settlements. This comes amidst reports of a significant drop in US crude oil inventories.
Brent crude futures saw a rise of 8 cents, or 0.12 percent, settling at $65 per barrel. Similarly, West Texas Intermediate (WTI) crude futures increased by 9 cents, reflecting a 0.15 percent gain, to close at $60.57 per barrel.
These modest gains are occurring in the context of a notable decline in US crude oil stockpiles. Data released by the Energy Information Administration (EIA) revealed a decrease of 6.86 million barrels. This brought the total US crude oil inventories down to 416 million barrels for the week ending October 24th.
Analysts are closely monitoring these fluctuations, as inventory levels and global demand continue to influence market dynamics. The slight price increase may reflect a reaction to the inventory decrease, suggesting a tightening of supply in the US market. However, broader economic factors and geopolitical events are also expected to play a crucial role in shaping future price movements.
The market will likely remain sensitive to further inventory reports and any indications of shifts in global oil demand in the coming weeks.
