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Oil prices decline amid rising U.S. fuel inventories and a stronger dollar

share-iconThursday, January 09 comment-icon1 week ago 10 views
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reutersREUTERS
Oil prices decline amid rising U.S. fuel inventories and a stronger dollar

Credited from: REUTERS

  • Oil prices decreased by over 1% on Wednesday due to a stronger dollar and significant increases in U.S. fuel inventories.
  • Brent crude settled at $76.23 per barrel, while U.S. West Texas Intermediate crude fell to $73.32.
  • U.S. gasoline stocks saw a rise of 6.3 million barrels, exceeding analysts' expectations of a 1.5 million-barrel increase.
  • The crude inventories fell by 959,000 barrels, contrary to the anticipated draw of 184,000 barrels.
  • Analysts predict oil prices to average lower in 2025 compared to 2024, influenced by non-OPEC production increases.

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Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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