Reported 14 days ago
Crude oil prices slipped today as U.S. EIA reported an unexpected rise in crude inventories, alongside record high U.S. crude production. Although prices initially increased due to a weaker dollar and supportive sanctions on Russia, market concerns over a potential global supply increase driven by Iraq and trade tensions with China have impacted the outlook. The mixed results from the EIA inventory report further contributed to the decline, with crude inventories rising by 3.52 million barrels, contrary to expectations.
Source: YAHOO