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Oil Prices Increase Following Report of Decrease in U.S. Crude Inventory

by Krystal

Oil prices saw a slight increase during early European trading, boosted by unexpected reports of a decline in U.S. crude stockpiles. However, lower geopolitical risks and weak market fundamentals are impacting overall sentiment.

Brent crude rose 0.8% to $71.27 per barrel, while West Texas Intermediate (WTI) gained 0.9%, reaching $67.83 per barrel.

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According to reports from the American Petroleum Institute, U.S. crude inventories dropped by 0.57 million barrels last week. This decline suggests stronger demand from the world’s largest oil consumer.

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Despite this positive news, crude benchmarks remain near one-month lows. Easing fears of supply disruptions in the Middle East, combined with concerns over weak demand and a potential supply surplus next year, are causing caution in the market.

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