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Oil prices decline as U.S. inventories rise

September 30, 2021: Oil prices decreased on Thursday after data showed an expected rise in U.S. crude stockpiles.

The West Texas Intermediate for November delivery lost 46 cents to settle at 74.83 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery decreased 45 cents to close at 78.64 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories increased by 4.6 million barrels during the week ending Sept. 24, the U.S. Energy Information Administration (EIA) reported on Wednesday. Analysts surveyed by S&P Global Platts had forecast the U.S. crude inventories to show a fall of 4.5 million barrels.

According to the EIA, total motor gasoline inventories increased by 0.2 million barrels last week, while distillate fuel inventories increased by 0.4 million barrels.

An upward momentum in the U.S. dollar also weighed on the market.

Posted on: 2021-09-30T16:28:23+05:00

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