Oil Prices Decline as US Crude Inventories Surge for Second Day
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#909cfb47 ver:0.19
Crude oil prices continued to decline as concerns over rising supplies persisted despite the recent round of OPEC+ cuts. The voluntary nature of the cuts raised skepticism among investors, leading to further downward pressure on oil futures. OPEC+ members implemented around 900,000 barrels per day (bpd) of cuts for the fourth quarter, but the lack of an official announcement from the secretariat failed to alleviate concerns. Meanwhile, US crude and natural gas liquids (NGLs) production reached a new record high of nearly 20 million bpd in September, up 8% from the previous year. This increase in US production added to the market's worries about growing output from other producers, such as the United States. As a result, Asian crude prices declined for the fifth time in the last six weeks. ...
#newstr #OilPrices #UsCrudeInventories #Opec+