Fri, January 10, 2025
Thu, January 9, 2025
Wed, January 8, 2025

Oil prices extend losses on rising U.S. fuel inventories

Oil prices continued to decline on January 9, 2025, due to a combination of rising U.S. fuel inventories and concerns over global economic growth. U.S. gasoline and distillate stockpiles increased unexpectedly, signaling weaker demand. This was coupled with a stronger U.S. dollar, which makes oil more expensive for holders of other currencies, further pressuring prices. Additionally, market sentiment was affected by ongoing geopolitical tensions and uncertainties regarding future oil production cuts by OPEC+. Despite these factors, some analysts suggest that the market might find support from potential supply disruptions and the ongoing recovery in global travel and industrial activity.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/energy/oil-prices-extend-losses-rising-us-fuel-inventories-2025-01-09/ ]