Oil prices: Prices are falling due to increased crude inventories : Orishas-finance

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Oil prices: Prices are falling due to increased crude inventories

21/08/2024

Categories: Raw materials

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Oil prices: Prices are falling due to increased crude inventories

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Oil prices fell on Wednesday. And for good reason, estimates reveal an increase in crude oil inventories in the United States and expectations concerning the easing of tensions in the Middle East following a tour of mediators in

the region.

Brent oil futures fell 9 cents to $77.11 per barrel at 0001 GMT. American West Texas Intermediate crude lost 10 cents to $73.07 per barrel. U.S. crude oil inventories increased by 347,000 barrels last week, according to market sources citing figures from the American Petroleum Institute on Tuesday. However, gasoline and distillate inventories fell by 1.043 million barrels and 2.247 million barrels respectively, according to the

sources.

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