Oil Prices Slip Amid High US Stocks and US-Iran Diplomacy
Brent crude fell to $69.90 on Thursday after US inventories rose by 16 million barrels. Positive signs from US-Iran nuclear talks also eased supply concerns.
Oil prices retreated on Thursday as the market reacted to a substantial increase in crude inventories and signs of diplomatic progress in the Middle East. Brent Crude Oil futures fell by 95 cents, or 1.3%, to $69.90 per barrel, while West Texas Intermediate futures in the United States declined by $1.06, or 1.6%, to $64.36.
The downward pressure was largely driven by data from the Energy Information Administration, which revealed a 16-million-barrel surge in U.S. crude stocks last week. This inventory build, the largest in three years, coincided with emerging weakness in the physical market in the United Kingdom, specifically regarding North Sea grades that underpin global benchmarks.
