Reported 8 months ago
Oil prices experienced a slight decline following the unexpected increase in U.S. crude oil inventories for the third time in four weeks, raising concerns about demand in the largest oil market. U.S. West Texas Intermediate futures dropped by 0.6% to $80.33 a barrel, while Brent crude futures slid by 0.5% to $84.62 per barrel. The rise in U.S. stockpiles contradicts declines seen in other regions like Japan and Europe. Despite this, UBS analysts anticipate a rise in oil prices in the upcoming weeks. Weak U.S. gasoline consumption during the peak summer driving season and a stronger U.S. dollar also impacted oil prices, while geopolitical tensions in the Red Sea and Lebanon provided support to prices.
Source: YAHOO