Crude Oil Declines as the United States Lifts Initial Colombian Sanctions Threats

Crude oil prices dropped by 1.98% to ₹6,300 after the US reversed its initial plan to impose sanctions and tariffs on Colombia after reaching an agreement on deported migrants. Market volatility persists due to the President’s strong rhetoric.

US crude oil inventories fell for the ninth week, with a 1.02 million-barrel drop. Inventories at the Cushing, Oklahoma hub decreased by 150,000 barrels, while distillate fuel stocks dropped sharply and gasoline inventories rose further.

Saudi Arabia is expected to increase its official selling price for Asian buyers in March due to robust demand from China and India amid sanctions-related disruptions to Russian supply.

The US Energy Information Administration’s report suggests oil prices may face downward pressure over the next two years due to production growth outpacing demand.

Leave a Reply

Your email address will not be published. Required fields are marked *