Oil Slides Below $86 on Surprising US Stockpile Surge
Oil prices fall as API reports a 9.3 million barrel surge in US stockpiles, amidst broader market weakness and geopolitical tensions.
Key Takeaway
Oil prices fell, with Brent crude below $86 and WTI near $81, after an API report showed a 9.3 million barrel US stockpile increase.
The potential largest weekly gain in Cushing's crude levels since January 2023 contrasts with an eighth consecutive week of gasoline inventory declines.
Geopolitical tensions and OPEC+ cuts support oil prices, but challenges from China's economy and non-OPEC supply growth pose headwinds. $Occidental Petroleum(OXY.US$ $Crude Oil Futures(JUN4)(CLmain.US$ $Chevron(CVX.US$
Oil prices fell, with Brent crude below $86 and WTI near $81, after an API report showed a 9.3 million barrel US stockpile increase.
The potential largest weekly gain in Cushing's crude levels since January 2023 contrasts with an eighth consecutive week of gasoline inventory declines.
Geopolitical tensions and OPEC+ cuts support oil prices, but challenges from China's economy and non-OPEC supply growth pose headwinds. $Occidental Petroleum(OXY.US$ $Crude Oil Futures(JUN4)(CLmain.US$ $Chevron(CVX.US$
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