Oil prices closed lower by more than a dollar at the end of Wednesday’s trading session, influenced by an increase in US crude inventories. Brent crude futures fell $1.17, or 1.4%, to settle at $81.60, while West Texas Intermediate (WTI) crude futures dropped $1.23, or 1.6%, to $76.64 a barrel.
The US Energy Information Administration announced yesterday a significant rise in US crude oil stocks, with an increase of 12 million barrels last week, reaching 439.5 million. Meanwhile, gasoline inventories decreased by 3.7 million barrels to 247.3 million, and distillate stockpiles, which include diesel and heating oil, fell by 1.9 million barrels.
This unexpected surge in crude inventories has contributed to the downward pressure on oil prices, reflecting the complex dynamics affecting global energy markets. Investors and market analysts closely monitor these fluctuations as indicators of supply and demand trends.
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Oil Prices Decline
