Global oil prices are showing a decline amid an unexpected rise in gasoline and diesel fuel supplies in the U.S. According to the latest data, the volumes of these fuel resources in the United States have exceeded forecasts, leading to a decrease in oil demand in the world’s largest economy.
This is reported by Finway
Price Changes in Global Markets
According to the latest exchange quotes, Brent crude oil futures fell by 14 cents, or 0.2%, reaching $64.72 per barrel. Meanwhile, American WTI dropped by 24 cents (0.4%) to $62.61 per barrel. Throughout Wednesday, oil prices fell by approximately 1% after official statistics confirmed a significant increase in gasoline and distillate inventories in the U.S., indicating weakened demand.
Brent crude oil futures fell by 14 cents (0.2%) to $64.72 per barrel. American WTI oil decreased by 24 cents (0.4%) to $62.61 per barrel. On Wednesday, oil prices declined by about 1% after official data showed that gasoline and distillate inventories in the U.S. rose more than expected. This indicates a decrease in demand in the world’s largest economy
Actions of Saudi Arabia and Influencing Factors
Saudi Arabia, which remains the leading oil exporter in the world, has lowered July prices for supplies to Asian buyers to nearly the lowest level in the past four years. This decision has become another factor intensifying pressure on global oil quotes.
Macroeconomic factors also play a significant role in price formation: weak economic indicators from the U.S. and tensions in trade relations between the United States and China. According to independent analyst Tina Teng, these factors further stimulate the trend towards lower oil prices.
Analysts emphasize that Saudi Arabia’s price cuts occurred after the OPEC+ countries decided to increase oil production in July by 411,000 barrels per day. The OPEC+ alliance includes OPEC member countries and their allies, including Russia. Experts note that even during peak consumption periods, demand remains weak, which is reflected in market dynamics.