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Commodities

US Inventory Surge Dents Oil Prices, Threatens Global Demand

Guavy AI Editorial Team
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Oil
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Oil prices declined on Thursday, continuing yesterday's movement, due to factors including massive US inventory increases and fears of a slowdown in global demand.

The reduction in geopolitical risk premium, combined with a decline in long positions on contracts and a strong dollar, pushed oil prices below $88 per barrel for Brent and below $82 per barrel for WTI crude.

OPEC's July report showed a partial recovery in Middle East output as regional tensions eased, with Saudi Arabia, Iraq, and Kuwait increasing their production.

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