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NewsOil prices fall after surge in US inventories

Oil prices fall after surge in US inventories

Brent crude futures fell 19 cents, or 0.25%, to $76.79 a barrel at 0241 GMT. U.S. West Texas Intermediate crude also fell 14 cents, or 0.2%, to $72.75 a barrel, according to Reuters data.

Both benchmarks rose about 3% on Wednesday amid optimism about oil demand and debt ceiling negotiations in the United States.

Oil prices are under pressure, including the unexpected jump in US oil inventories last week due to another withdrawal from the strategic petroleum reserve.

Inventories rose five million barrels in the week ending May 12 to 467.6 million barrels, against expectations of a 900,000 barrel drop in a Reuters poll.

However, U.S. gasoline inventories fell as demand hit its highest level since 2021.

Investors are also closely watching developments related to the debt ceiling negotiations in the United States.

Meanwhile, US President Joe Biden and Republican House Speaker Kevin McCarthy on Wednesday confirmed their intention to reach an agreement soon to raise the federal government’s debt ceiling to $31.4 trillion and avoid the government fails to fulfill its obligations, as this would have catastrophic repercussions.

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Arab Desk
Arab Desk
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