Oil prices drop after surge in US stockpiles

The current production cuts imposed by OPEC are cushioning the fall, however.


Oil prices decline Wednesday morning on fear of weak fuel demand following US stockpiles last week surging higher than expected. Hopes that the Organization of the Petroleum Exporting Countries and its OPEC+ allies maintain current output cuts do limit the decrease, however.

A barrel of European reference oil Brent Wednesday morning costs USD 43.75 against USD 43.94 shortly before midnight CET and USD 43.35 Tuesday afternoon. US benchmark crude West Texas Intermediate concurrently trades at USD 41.37 against USD 41.50 and USD 40.97.

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