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 Fed Rate Cut Expectations Drive 30-Year Mortgage Rates Down to 6.35% READ MORE The New Gold Rush: Why Investors Are Flocking to Bullion in a Strong Market READ MORE VanEck CEO Bullish on Bitcoin and Gold Amid Global Economic Shifts READ MORE Inflation Shows Signs of Cooling Off, But Concerns Remain High READ MORE Goldman Sachs: Rising Unemployment Not a Recession Signal READ MORE Add a Comment Cancel replyYour email address will not be published.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