Oil prices drop again in global markets

Oil prices dropped again on Thursday in the global markets, mainly due to a significant increase in US oil reserves. While prices could have fallen further, the reduction in oil supply from OPEC and its allies prevented a larger drop.

Brent crude oil prices decreased by 28 cents, or 0.4%, to $75.88 per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil prices dropped by 30 cents, or 0.4%, to $73.02 per barrel, according to Reuters.

Both types of crude oil had already dropped by more than 1% on Wednesday. This decline was driven by the increase in US reserves and a rise in the dollar’s exchange rate.

The report also mentioned that last week, US gasoline reserves grew by 6.3 million barrels, bringing the total to 237.7 million barrels. Analysts had expected a smaller increase, around 1.65 million barrels, which means the actual growth was higher than expected.

However, Brent crude reserves decreased by 959,000 barrels. Despite this reduction, the price of Brent crude oil continued to decline. Analysts suggest that while the increase in US reserves has slightly boosted supply, prices are unlikely to drop significantly due to higher fuel demand during the winter months in colder regions.