Update prices
Crude futures fell Brent 30 cents, or 0.41 percent, to $72.26 a barrel by 0105 GMT. US West Texas Intermediate crude futures also fell 25 cents, or 0.36 percent, to $68.45.
Brent crude oil is heading to decline by 2.2 percent during the week, while West Texas Intermediate crude oil is heading to decline by 2.7 percent, according to Reuters data.
Information management said Energy American yesterday, Thursday US crude stocks They rose by 2.1 million barrels last week, far exceeding analysts’ expectations of an increase of 750,000 barrels.
Management reported at the same time that inventories benzene 4.4 million barrels fell last week to the lowest level since November 2022, compared to analysts’ expectations in a Reuters poll for an increase of 600,000 barrels. The data also showed that distillate stocks, which include diesel and heating fuel, unexpectedly fell by 1.4 million barrels.
And I expected International Energy Agency Global oil supply could exceed demand in 2025 even if coalition cuts remain OPEC+, which includes countries of the Organization of the Petroleum Exporting Countries (OPEC) and allies such as RussiaIn light of the increasing production from the United States and other producers.
This week, OPEC also lowered its forecast for global oil demand growth for this year and 2025, representing the organization’s fourth downward revision of its forecast for 2024.
Prices were also under strong pressure Dollar Which jumped yesterday, Thursday, to the highest level in a year and is heading for a gain for the fifth day in a row, supported by rising returns and Donald’s victory Trump In the US presidential elections.
A stronger dollar usually makes oil in which it is denominated more expensive for holders of other currencies, which may reduce demand.
