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Crude oil prices drop 5% in 2 sessions on sharp rise in US inventories

Brent crude drops by 3% to hit a seven-week low of $83.29 per barrel in previous sessions due to rising US stockpiles, while WTI crude falls below $79. Both ended their winning streak in April with declines. EIA reports unexpected increase in US crude stockpiles and production in February. ....

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Crude oil prices set to end April flat amid easing Middle East tensions

Brent crude futures saw a slight increase in April, while WTI crude futures experienced a minor decline. Market tensions eased off after Iran s attack on Israel, with no immediate impact on oil production. ....

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Geo-political tensions could keep crude prices elevated in the near term: Report

Geopolitical tensions drive Brent crude prices over USD 80/barrel. US targets Iranian proxies, Houthi attacks in Red Sea raise supply disruption concerns. OPEC+ production falls short of pledged cuts. Global demand to increase marginally in 2024, mainly from emerging markets. ....

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