Oil prices extended their losses for a sixth consecutive session, pressured by growing U.S. crude stockpiles and heightened uncertainty over geopolitical developments. Data from the Energy Information Administration revealed that crude inventories surged unexpectedly, fueling concerns about oversupply in an already cautious market.
Adding to the downward pressure, actions by former President Donald Trump have reignited political tensions, creating additional volatility in global markets. Analysts pointed to weaker-than-expected demand and increased production levels as compounding factors that have dampened investor sentiment. Brent crude dropped 1.5%, settling at $83.20 per barrel, while West Texas Intermediate (WTI) fell 1.8%, closing at $77.80.
Despite these declines, some experts suggest the pullback could be temporary, with winter heating demand and potential supply adjustments offering a possible rebound. However, market participants remain cautious, closely monitoring inventory reports and geopolitical developments that could sway prices further.
