Crude Oil Prices Drop Amid Rising U.S. Inventories and Global Supply Pressures
Crude Oil Prices Drop Amid Rising U.S. Inventories and Global Supply Pressures Crude oil prices fell on Wednesday, driven by increased U.S. crude and gasoline inventories and global supply pressures, including restored production in Norway and sluggish demand from China. Despite these bearish factors, geopolitical tensions and OPEC+ decisions remain key areas of focus for the oil market. U.S. Crude Inventories Surge, Pressuring Prices The U.S. Energy Information Administration (EIA) reported a larger-than-expected increase in crude oil and gasoline inventories, contributing to downward pressure on prices. As a result: Brent crude futures closed 0.68% lower at $72.81 per barrel. WTI crude oil futures for December delivery dropped 0.75% to $68.87 […]
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