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Commodities

Brent Crude Price Dented by Surprise US Stock Build

Guavy AI Editorial Team
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Oil
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The price of Brent crude oil has dropped by $4.24/bbl to trade at $85.90/bbl after the American Petroleum Institute (API) reported a surprise increase in US crude stocks.

According to API estimates, commercial US crude oil inventories increased by 4.2 million bbls in the week ending 21 August, exceeding market expectations of a 1.9 million-bbl build.

The upward pressure on Brent's price due to the escalating conflict between the US and Iran has been tempered by this news.

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