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Decrease in Oil Prices Due to Increase in US Oil Supply

The western oil market is experiencing an oversupply.

Today, industry reports indicate that the United States is currently seeing a rise in crude oil inventories. This development coincides with global leaders’ efforts to urge OPEC to boost the worldwide oil output.

Brent crude futures declined by 71 cents, reaching around $84.00 per barrel. Similarly, West Texas Intermediate crude futures saw a drop of $1.10, settling at $82.81 per barrel.

“Crude prices are going down following the API’s report of the sixth consecutive week of crude oil stockpile increases and as the Biden administration tries various approaches to persuade OPEC+ members before using their Strategic Petroleum Reserve,” said Edward Moya, a senior analyst at OANDA, speaking to Fox Business.

“Global leaders are running out of options to pressure OPEC+, so any decrease resulting from tapping strategic reserves from China or the US is likely to be short-lived.”

Despite the decrease in oil prices, gasoline supplies saw a rise. Crude inventories climbed by 3.6 million barrels in the past week, a figure analysts anticipated.

The US Energy Information Administration will publish further data on oil consumption and reserves later today. Meanwhile, OPEC is scheduled to convene tomorrow for a policy evaluation and is anticipated to confirm plans for boosting supplies.

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