The previous week saw a 4.09 million barrel increase in oil inventories: API

The API said on Tuesday that although U.S. crude stockpiles increased last week more than anticipated, gasoline inventories decreased, suggesting that refinery activity is still recovering despite rising fuel demand. The U.S. benchmark crude oil futures, WTI Futures, settled down 0.1% at $85.36 a barrel before trading at $85.28 a barrel in response to the…

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Due to persistent inflation and a larger-than-expected build in US crude stocks, crude oil prices have fallen

Early on Wednesday in Asian trading, oil prices dropped as investors reduced their expectations of a U.S. Federal Reserve interest rate cut and a U.S. industry organization reported that crude stocks increased more than anticipated last week. When the market started at 0000 Brent futures dropped 29 cents, or 0.4%, to $82.48. West Texas Intermediate…

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crude oil

Crude oil prices have remained relatively stable while the United States’ strategic trip to the Middle East is under consideration

Early on Tuesday, as market players evaluated U.S. Secretary of State travel to the Middle East to discuss a ceasefire offer in the region, oil prices showed minimal movement. On Monday, he met the de facto ruler of Saudi Arabia. In anticipation of an Israeli attack on Rafah, a border city where over half of…

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