Rising U.S. crude inventories served as an additional bearish catalyst for the oil markets.
Oil prices plummeted on Thursday as traders took in higher US inventories and waning demand in China. The US crude inventories jumped by 3.6 million barrels last week, the EIA said Wednesday.
The crude oil market fell slightly during the opening hours on Thursday, but also has shown a bit of resiliency.
Oil futures edged lower early Thursday, feeling continued pressure after data released during the previous session showed a sharp rise in U.S. crude inventories over the past two weeks.
Brent and WTI crude prices fall due to increased U.S. supply and uncertain demand from China.
Oil prices dropped on Thursday, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from Asia.

Oil Stock Could Head Back Toward Highs

03:25pm, Wednesday, 15'th Nov 2023
Oil name EQT Corp (EQT) pulled back after its recent Nov. 3 one-year high of $45.23, though support at the $39 level captured the dip.

U.S. oil prices mark first loss in 5 sessions

02:50pm, Wednesday, 15'th Nov 2023
U.S. oil futures settled lower on Wednesday for the first time in five sessions after the Energy Information Administration reported a more than 17 million-barrel climb in U.S. commercial crude invent
U.S. oil inventories increased by 3.6 million barrels in the week ended Nov. 10, above forecasts calling for a rise of 800,000 barrels.
The strong economic data from China did not provide support to oil markets today.
The report showed that gasoline inventories declined for two consecutive weeks.
Crude oil markets have fallen during the trading session on Wednesday, as the market continues to see a lot of questions about the economy.
Oil futures lost ground Wednesday as investors awaited a double dose of U.S. data on petroleum supplies.
Bullish oil market outlook persists despite potential 2024 surplus, reflecting strategic OPEC production decisions and inventory changes.
Global oil markets are expected to be fairly balanced with a slight surplus next year as demand and non-OPEC supply growth are exceeding expectations, the global head of research at Vitol (VITOLV.UL)
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