Oil prices fall as industry data shows big build in US inventory

Crude oil prices fell on Wednesday as industry data pointed to a big build in crude oil stocks in the US, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply. So, Brent crude oil futures fell 1 dollar and 81 cents to 82.91 dollars a barrel, after dropping to a session-low of 83.27 dollars earlier. US crude futures tumbled 2 dollars and 1 cent to 81.90 dollars a barrel.

President Joe Biden, speaking at a climate summit in Glasgow, blamed a surge in oil and gas prices on a refusal by OPEC nations to pump more crude. The OPEC and their allies, a group known as OPEC PLUS, are meeting tomorrow to review its policy and is expected to reconfirm plans for monthly increases. 

Most Read
View All arrow-right

No posts found.