Oil Price Slumps Amid Inventory Build in the U.S.
Crude oil price sinks on inventory build before OPEC+ meeting on Thursday
Crude oil price sinks on inventory build before OPEC+ meeting on Thursday
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Oil prices inched down on Wednesday after industry data shows increase in crude oil and distillate stocks in the United States.
Crude oil WTI inched down by 1.25% to $82.82 per barrel and Brent inched down by 0.83% to $84.02 per barrel, as of Thailand time 11.55 hours.
The American Petroleum Institute (API ) earlier reported its sixth straight week of crude oil inventory build. The institute estimated inventory build to be at 3.594 million barrels.
Oil price has been on a upward tick amid generic supply shortages as well as spillover of supply shortages of fossil fuels. President Biden speaking at a climate summit in Glasgow, pointed the bloating oil and gas prices to OPEC nation’s refusal to boost supply of crudes.