Oil Prices Drop as U.S. Crude Inventories Unexpectedly Rise

Oil prices declined on Wednesday after a slight increase in the previous session amid a surprise surge in US crude inventories reported last week.

After rising to over $72 per barrel yesterday, Brent oil went back on the dropping track, as the American Petroleum Institute revealed a rise of over 600,000 barrels in US crude stockpiles last week.

Meanwhile, Libya reopened its ports and started exporting oil again after the closures of its oil field. The country’s National Oil Corporation announced its force majeure on exports from Zawiya oil terminal on Tuesday, in a bid to boosting national production.
more detail at source: https://www.investing.com/news/commodities-news/oil-prices-drop-as-us-crude-inventories-unexpectedly-rise-1534113

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