The price of oil recorded a new drop this Thursday, continuing the losses of the previous day. This trend was driven by the significant increase in fuel inventories in the United States over the past week, despite concerns about limited supply from OPEC members and Russia.
The increase in gasoline stocks was notable, increasing by 6.3 million barrels to reach a total of 237.7 million, according to the US Energy Information Administration (EIA). Additionally, a stronger dollar helped put additional pressure on prices, which had already lost more than 1% on Wednesday.
Although inventories in the US negatively affected the market, fears about global supply constraints due to production cuts by OPEC member countries and Russia have moderated the magnitude of the declines.
The energy market reflects a delicate balance between the rise in US inventories and the uncertainties that persist around global supply. While the increase in fuel reserves weighs on prices, tensions in global production continue to limit a further decline.
Source: Cryptotrend.
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