Oil Prices Slide as Rising Supply and Ceasefire Ease Disruption Concerns

Oil prices dipped on Thursday due to rising US crude inventories and higher global production, easing supply concerns.

The International Energy Agency (IEA) reported that global oil supply rose by 2.4 million barrels per day in July to 101.5 million bpd, with Gulf producers continuing to restore production lost during the conflict.

OPEC's crude output also increased by 1.65 million bpd in July to 23.63 million bpd, putting downward pressure on prices.

The unexpected rise in US commercial crude oil inventories, which climbed by about 17.4 million barrels last week to 424.4 million barrels, further eased supply concerns and weighed on prices.