Connect with us

Hi, what are you looking for?


Oil Prices Down Due to US Supply Build-Up

The western oil market is becoming oversaturated.

According to industry statistics released today, the United States is currently experiencing a build-up in crude oil stocks. This comes as world leaders try to increase pressure on OPEC to increase the global oil supply.

Brent crude futures lost 71 cents in value, dropping to roughly $84.00 a barrel. West Texas Intermediate crude futures dropped further, shedding $1.10 in value, leaving them at $82.81 a barrel.

“Crude prices are declining after the API reported the sixth straight week of crude oil inventory builds and as the Biden administration exhausts every possible plea to OPEC+ members before tapping their Strategic Petroleum Reserve,” Edward Moya, a senior analyst at OANDA, told Fox Business.

“World leaders are running out of cards to pressure OPEC+ and that should mean whatever dip that comes from tapping strategic reserves from China or the US will likely be bought into.”

While the actual prices of oil dropped, gasoline stocks rose. Crude stocks rose by 3.6 million barrels as of last week, and according to analysts, this is well within expectations.

The US Energy Information Administration will be releasing more data on oil usage and supply later today. Meanwhile, OPEC is set to meet tomorrow for a policy review, and it is expected to commit to plans for supply increases.

You May Also Like


In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...


While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...


As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...


As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...


This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...


As Russia’s invasion of Ukraine continues, many global businesses have pulled their dealings out of Russian territories due to a mix of sanctions and...


In the last few weeks, fears have begun to surface of another potential recession striking the United States economy. Economists have been working to...


It’s no secret that the highs of the COVID-19 pandemic cost movie theater chain AMC an unprecedented amount of money. As people isolated at...