Oil prices continued their downward trend Thursday, with Brent crude hovering around $65 per barrel and West Texas Intermediate (WTI) just above $62. This marks a fourth consecutive day of declines, influenced by rising U.S. crude inventories and expectations of increased output from OPEC+ during their upcoming meeting on October 5.
The Energy Information Administration (EIA) reported a 3.5 million-barrel increase in U.S. crude stockpiles, the first rise in three weeks. Additionally, gasoline inventories saw their largest weekly gain since June, while refinery utilization dipped due to seasonal maintenance. These factors suggest a potential softening in domestic demand and refining activity.
[SRC] https://www.inkl.com/news/oil-prices-decline-as-us-stockpiles-increase-and-opec-considers-output-hike
