Oil Prices Decline Amid Rising U.S. Inventories and Ceasefire Hopes in the Middle East

Saudi Arabia's Aggressive Oil Supply Cut: Brace for Surging Gas Prices for US Drivers

Oil prices fell for a third day on Wednesday due to several factors:

Rising Crude Inventories and Production in the U.S.

  • “U.S. crude oil inventories swelled last week by 4.906 million barrels, while gasoline and distillate stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.”
  • “U.S. crude supply is also showing signs of ramping up, with production rising to 13.15 million barrels per day (bpd) in February from 12.58 million bpd in January in its biggest monthly increase in about 3-1/2 years, the Energy Information Administration said on Tuesday.”
Saudi Arabia's Aggressive Oil Supply Cut: Brace for Surging Gas Prices for US Drivers

Increasing Hopes of a Ceasefire Agreement in the Middle East

  • “Expectations that a ceasefire agreement between Israel and Hamas could be in sight, following a renewed push led by Egypt to revive stalled negotiations between the two, pushed oil prices lower. An end to the war would reduce concerns of a broadening of the conflict that could disrupt supply from the Middle East.”

OPEC Production Cuts

  • “Keeping oil from slipping further, output by the Organization of the Petroleum Exporting Countries (OPEC) was seen falling by 100,000 bpd in April to 26.49 million bpd, a Reuters survey found on Tuesday, reflecting lower exports from Iran, Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.”

As a result of these factors, Brent crude futures for July fell 47 cents, or 0.5%, at $85.86 a barrel, and U.S. West Texas Intermediate crude for June declined 53 cents, or 0.6%, to $81.40 per barrel.

Also Read, German Economy Grows Modestly, Avoids Recession in Q1 2025 Despite Challenges

Walmart Launches ‘Bettergoods’ Food Brand to Target Younger, Value-Conscious Customers

Bookmark and Follow us for More Business News


Sachin Chouhan is an avid entertainment enthusiast and dedicated follower of celebrity and entertainment news. He has always had a passion for the latest happenings in the world of entertainment and has made it his mission to stay up-to-date on all the latest trends, news, and gossip. With years of experience following the entertainment industry, Sachin has developed a keen eye for the latest celebrity fashion trends, music releases, movie reviews, and red-carpet events. His in-depth knowledge and expertise have made him a trusted source for entertainment news and celebrity updates. Contact us: admin@bollywoodfever.co.in

Leave a Reply