24 Hrs
Source:
المشهد العربي
Oil falls after gains on stockpile reports
Oil prices declined after strong gains recorded yesterday, as the market retreated amid anticipation of the upcoming U.S. oil inventory report, alongside concerns over a potential drop in global demand due to escalating tensions between Washington and Tehran. Preliminary data indicated a sharp decrease in vessel traffic through the Strait of Hormuz, with only four ships passing compared to seven the previous day—below the ten-day average of 18 ships. Additionally, figures from the American Petroleum Institute revealed an increase in U.S. crude oil inventories, while the market expects a recent decline in official stockpiles soon.
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