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Oil Prices Dip as U.S. Stockpiles Surge and OPEC+ Output Decision Looms

Posted on March 27, 2024
Writer: James Miller

Oil prices fell for the second consecutive day today due to an unexpected surge in U.S. crude inventories, rising by 9.3 million barrels.

Brent crude and West Texas Intermediate (WTI) saw declines, with prices falling 78 cents or 1% to $80.84.

Distillate inventories increased slightly, while gasoline stocks decreased significantly. These fluctuations shape oil price movements as investors await official government data for further confirmation.

OPEC+ will likely maintain its current output policy until its next full ministerial meeting in June. This decision comes despite earlier agreements to extend output cuts and efforts by members like Russia and Iraq to align with production targets.

The market now focuses on OPEC+’s upcoming technical meeting and its implications for the global oil supply and prices. 

As analysts monitor OPEC+ members for shifts in production quotas, the oil market remains sensitive to these decisions and their impact on future pricing trends.

For more information, check out the full article on Reuters.

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