Crude Oil attempts to shrug off supplies buildup, WTI claws back to $74

Crude Oil markets are struggling to recover from sharp declines. US Crude Oil supplies delivered another buildup in measured stocks.

set to ease production caps in the coming months. West Texas Intermediate US Crude Oil is grinding higher on Wednesday as energy markets attempt to shrug off another buildup in US Crude Oil stocks. The Organization of the Petroleum Exporting Countries and its extended group of non-member ally states,

, cautioned this week that the global oil cartel is set to phasing out voluntary production cuts as Crude Oil producers grow frustrated at OPEC’s inability to engineer broad-market support for barrel prices. As oil-heavy nations prepare to pivot away from production limits in favor of balancing their government budgets, Crude Oil markets are balking at the prospect of even further risks of oversupply as global demand fails to materialize in-line with energy market expectations. US Crude Oil stocks rose on a weekly basis once again after the American Petroleum Institute reported a 4.052 million barrel buildup in Weekly Crude Oil Stocks, shrugging off a forecast -1.9 million barrel decline and chewing a significant hole in the previous week’s -6.

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Crude Oil extends declines after OPEC+ disappoints barrel traders, WTI tests $74Crude Oil prices tumbled on Monday after an update on voluntary production cuts didn’t go how energy traders had hoped last week.
Fuente: FXStreetNews - 🏆 14. / 72 Leer más »

Crude Oil recovers on Monday, but stuck in familiar territory as WTI grapples with $79West Texas Intermediate (WTI) US Crude Oil recovered ground on Monday as energy traders stepped back into barrel bets on continued geopolitical tensions in the Middle East, but steadily-rising US Crude Oil supplies are crimping upside potential in Crude Oil markets.
Fuente: FXStreetNews - 🏆 14. / 72 Leer más »