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US crude oil inventories
News update regarding US crude oil inventories.
US crude oil inventories surged by 6.9 million barrels, putting downward pressure on global oil prices.
According to a report from the EIA, US crude oil inventories have surged to their highest level since June 2024, while Brent and WTI oil prices have plummeted amid unexpected supply developments.
Market
Brent crude oil prices rose to $71.06 despite a three-year increase in US crude oil inventories.
World oil prices edged higher on February 26, with Brent reaching $71.06 per barrel. However, the gains were curbed by an unexpected 16 million barrel increase in US crude oil inventories.
World oil prices fell sharply by more than 2.7%, with Brent crude retreating to around $67 due to oversupply pressure.
At the close of trading on February 13, Brent and WTI oil prices both fell sharply after the IEA lowered its 2026 demand forecast and US crude oil inventory data surged.
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