Oil Prices Fall on Rising US Inventories, Libyan Output

Oil Prices Fall on Rising US Inventories, Libyan Output


Muscat: Oil prices slid today, giving up some of last session’s gains, as an increase in US crude stockpiles and easing worries over Libyan supplies weighed on prices. Brent crude futures fell 18 cents, or 0.2%, to $77.31 a barrel, while US crude futures declined 15 cents, or 0.2%, at $73.62 a barrel.



According to Oman News Agency, US crude oil and gasoline stocks rose last week, while distillate inventories fell, market sources said on Tuesday, citing American Petroleum Institute figures. This development has contributed to the downward pressure on oil prices, as increased inventories can signal weaker demand or oversupply.



The market’s focus remains on the balance between supply and demand, with attention also on geopolitical factors affecting oil production in regions like Libya. The easing concerns over Libyan oil output have further influenced the market sentiment, adding to the factors pushing prices lower.