Oil Prices Slip Following Surprise Rise in U.S. Crude and Gasoline Stocks

Wednesday, 7 August 2024, 01:18

In early Asian trading on Wednesday, oil prices observed a decline as Brent crude futures fell by 0.27% to $76.27 per barrel. This downturn follows a brief rebound, driven by unexpected increases in U.S. crude oil and gasoline inventories, as reported by the American Petroleum Institute. Despite ongoing concerns regarding global oil supply, the latest figures have shifted market dynamics, leading to a reconsideration of demand forecasts in the face of rising inventories. This situation highlights the volatility in oil markets and the significant impact of inventory data on pricing.

Yahoo Finance — Oil Prices Slip Following Surprise Rise in U.S. Crude and Gasoline Stocks

Oil Prices Slide on Inventory Data

Oil prices have experienced a decline in early Asian trading on Wednesday. This dip comes after a brief rebound following the release of industry data.

Unexpected Inventory Build

Brent crude futures fell by 21 cents, equating to a 0.27% decrease, settling at $76.27 per barrel.
Industry reports have cited an unexpected rise in U.S. crude oil and gasoline inventories.
The American Petroleum Institute provided figures indicating a rise in U.S. crude oil, gasoline, and distillate inventories last week.

This increase in inventory data contrasts with underlying global oil supply concerns, impacting market sentiment.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.