Oil Prices Dip as U.S. Supply Rises

23 Oct 2024 , 09:39 AM

As the market watched diplomatic attempts in the Middle East as Israel continued its attacks on Gaza and Lebanon, oil prices dipped slightly on Wednesday after industry data revealed that U.S. crude inventories had increased more than anticipated.

Brent crude futures had dropped 31 cents, or 0.4%, to $75.73 a barrel. At $71.42 a barrel, U.S. West Texas Intermediate crude futures fell 32 cents, or 0.5%.

The previous two sessions of this week saw higher closing prices for crude futures.

According to market reports quoting data from the American Petroleum Institute on Tuesday, U.S. crude stockpiles increased 1.64 million barrels last week, which had an impact on pricing.

Meanwhile, the overall amount of petrol and distillate fuel dropped by 3.5 million barrels.

At 10:30 a.m. EDT (1430 gmt), the official U.S. government oil inventory data is due on Wednesday.

According to a senior State Department official, the U.S. Secretary of State urged Israeli Prime Minister Benjamin Netanyahu and other senior Israeli authorities to increase humanitarian aid in Gaza during “extended conversations” with them in the Middle East.

For feedback and suggestions, write to us at [e-mail]