Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply.
Brent crude futures fell 71 cents, or 0.9%, to $84.00 a barrel by 0450 GMT, after dropping to a session-low of $83.27 earlier.
U.S. West Texas Intermediate crude futures tumbled $1.10, or 1.3%, to $82.81 a barrel, after dropping to a low of $82.26 earlier. "Crude prices are declining after the API reported the sixth straight week of crude oil inventory builds and as the Biden administration exhausts every possible plea to OPEC+ members before tapping their Strategic Petroleum Reserve," said Edward Moya, senior analyst at OANDA.
"World leaders are running out of cards to pressure OPEC+ and that should mean whatever dip that comes from tapping strategic reserves from China or the US will likely be bought into." President Joe Biden, speaking at a climate summit in Glasgow, blamed a surge in oil and gas prices on a refusal by OPEC nations to pump more crude.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil prices fall as industry data shows big build in U.S. inventoryOil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply.
Read more »
This 28-year-old left the oil and gas industry to build a sustainable fashion businessCreating sustainable fashion with a vintage vibe may sound like a daunting task to most, but it didn't stop Eileen Tan from quitting her job to embark on the journey.
Read more »
EPA Moves to Limit Methane Emissions From Oil and Gas ProductionNew rules would also cover existing wells, a plan backed by some big oil companies but opposed by many small independent producers.
Read more »
Biden is about to get tough on methane leaks from oil and gas wellsThe EPA's rules will strengthen regulations on methane leaks from new and existing oil and gas wells.
Read more »
U.S. House panel subpoenas Big Oil in climate deception probeThe head of a U.S. House panel on Tuesday subpoenaed four major oil companies and two lobbying groups for documents related to their actions on global warming as part of a year-long probe into potential climate deception by the energy industry.
Read more »
WSJ News Exclusive | Digital Currency Group Wants to Be Crypto’s Standard OilThe cryptocurrency conglomerate that owns Grayscale and CoinDesk sells $700 million of shares at a $10 billion valuation in a funding round led by two SoftBank funds.
Read more »