Reported about 1 month ago
Oil prices fell over 1% on Wednesday as US inventory data revealed a substantial increase in crude stockpiles, contrary to expectations. West Texas Intermediate settled at $70.77 while Brent closed at $74.96 per barrel. The rise in US inventories, along with easing concerns over Middle East conflicts, contributed to the price drop, following a previous 4% increase. Traders are now focusing on potential oversupply issues in light of upcoming production changes by OPEC and its allies.
Source: YAHOO