Recent market movements reflect the ongoing uncertainty. Crude oil prices dipped following reports of an inventory increase by the U.S. Energy Information Administration (EIA). Despite a decline, optimism spurred by optimistic oil demand forecasts from both OPEC and the EIA helped buoy prices.
The EIA’s revised oil demand growth outlook and OPEC’s maintenance of demand growth forecasts above 2 million barrels daily indicate a positive sentiment. However, concerns over rising inventories, as highlighted by the EIA’s recent report, underscore the challenges the oil market faces.
Crude oil prices were trending down on Wednesday morning after the EIA estimated a rise in crude oil inventory levels in the United States, climbing 3.7 million barrels in the week ending June 7.
Oilprice.com