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

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

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

^{Published on 2025-01-09 06:41:09 - Reuters}

Oil prices fell on Thursday, extending losses from the previous day, pressured by large builds in U.S. fuel inventories last week, though concerns over tighter supplies from OPEC members and Russia capped the decline.

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/ ]

Contributing Sources

Reuters

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