Financial Insights

Oil prices fall as industry data shows big build in U.S. inventory

Industry data suggests a surge in US crude and distillate inventories, the world’s largest oil consumer, pressure Oil prices fell on Wednesday as OPEC wanted more supply as it rose.

Brent crude oil futures fell 98 cents (1.2%) to $ 83.74 a barrel by 0034 GMT, while US crude oil futures West Texas Intermediate (WTI) fell $ 1.32 (1.6%) to $ 82 (59 a barrel). Dollar) has fallen.

Crude oil is lower as OPEC is under pressure to improve the production. US President Biden has demanded more production from the group’s major economies than already agreed.

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