Crude Oil is trading today in the European session below the $82 level.
Early Thursday witnessed a continued decline in WTI oil prices, extending the 3% drop observed the previous day, marking the second most significant daily loss in 2024, and reaching a new three-week low.
The unexpected surge in US crude inventories, as reported by the EIA, intensified worries about oil demand. Simultaneously, diminishing concerns about escalating conflict in the Middle East contributed to a sharp downward pressure on prices.