Following a significant increase in US crude stockpiles, crude oil prices decline

As worries about demand in the greatest economy in the world arose due to data showing that U.S. crude stocks increased significantly more than anticipated, oil prices dropped in early trade on Thursday. At 01:35 , U.S. West Texas Intermediate crude prices dropped 36 cents, or 0.5%, to $76.28 a barrel, while Brent crude futures slid 34 cents, or 0.4%, to $81.26 a barrel.

Under pressure from rising U.S. crude stocks, both futures saw a $1 per barrel loss on Wednesday, with refining at its lowest levels since December 2022.According to the Energy Information Administration (EIA), U.S. crude stocks increased by 12 million barrels to 439.5 million.

Against projections of a 1.2 million-barrel decline, gasoline stockpiles dropped by 3.7 million barrels to 247.3 million barrels.? In contrast to predictions of a 1.6 million-barrel reduction, distillate stockpiles decreased by 1.9 million barrels to 125.7 million barrels.

Iraq said that it will examine its oil output and, if detected, address any excess output over its voluntary OPEC+ restrictions in the upcoming four months. The Organization of the Petroleum Exporting Countries, or OPEC, is scheduled to decide whether to prolong supply cuts into the second quarter at its meeting in March, according to a note reled by ANZ analysts on Thursday.

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