US Stockpile Growth and Cooling Demand Drive Oil Prices Down Oil prices dropped to their lowest levels since mid-March, exacerbated by a bearish US stockpile report indicating increased inventory levels. Brent crude approached $82 a barrel, and West Texas Intermediate hovered around $77. Industry estimates suggest a significant rise in crude stockpiles at Cushing, along with increased gasoline and distillate inventories nationwide. This uptick in stockpiles is just one component of a broader market softening, evidenced by negative trends in weekly derivatives and timespreads, suggesting an oversupply not seen since March. The ongoing price decline, which has been consistent over the past month, reflects reduced geopolitical risks and a shifting focus towards the weakening market demand. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts Economists Put Recession Odds at 40% READ MORE Dollar Strengthens Ahead of Crucial Economic Indicators, Bank of Canada Meeting READ MORE Crucial Week Ahead: Key Reports to Influence Fed's Rate Policy Decisions READ MORE Tech Stocks Lead Market Plunge Amid Economic Uncertainty READ MORE Oil Prices Climb as Middle East Tensions Escalate Before OPEC+ Meeting READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment