Reported 28 days ago
Oil prices increased by over 2% on Wednesday following unexpected declines in U.S. crude and gasoline inventories and reports suggesting OPEC+ may postpone a planned output increase. Brent crude futures ended at $72.55 a barrel, while U.S. West Texas Intermediate crude rose to $68.61. The Energy Information Administration highlighted that gasoline stockpiles fell to a two-year low, reflecting higher demand, as U.S. crude imports also dropped. OPEC+ is considering delaying their scheduled output increase due to concerns over softened demand and rising supply amid weakening global economic conditions.
Source: YAHOO