Oil Price Slumps Amid Inventory Build in the U.S.
Crude oil price sinks on inventory build before OPEC+ meeting on Thursday
Oil prices inched down on Wednesday after industry data shows increase in crude oil and distillate stocks in the United States.
Crude oil WTI inched down by 1.25% to $82.82 per barrel and Brent inched down by 0.83% to $84.02 per barrel, as of Thailand time 11.55 hours.
The American Petroleum Institute (API ) earlier reported its sixth straight week of crude oil inventory build. The institute estimated inventory build to be at 3.594 million barrels.
Oil price has been on a upward tick amid generic supply shortages as well as spillover of supply shortages of fossil fuels. President Biden speaking at a climate summit in Glasgow, pointed the bloating oil and gas prices to OPEC nation’s refusal to boost supply of crudes.
