Oil prices dip after rise in US stockpiles

Economy

Published: 2024-02-15 10:08

Last Updated: 2024-04-13 23:09


Oil prices dip after rise in US stockpiles
Oil prices dip after rise in US stockpiles

Oil prices fell on Thursday for the second consecutive day after data showed a rise in U.S. crude stockpiles by the largest amount since November, keeping benchmark crude within a narrow range this year.

Brent crude prices dropped to around USD 81 per barrel after a 1.4 percent decline on Wednesday, while West Texas Intermediate (WTI) crude prices approached the USD 76 level, according to Bloomberg data.

Inventories in the United States rose by about 12 million barrels last week, due to an increase in stockpiles at the oil storage hub in Cushing, Oklahoma, which is closely monitored.

Despite tensions in the Middle East and efforts by OPEC+ to limit production, crude oil has failed to break out of a USD 10-per-barrel range this year, due to strong supplies from non-OPEC drilling companies and concerns about slowing global demand growth in 2024.