Oil prices dipped on build up in crude inventories
Oil dipped on Thursday following a surge in US crude inventories that came higher than predicted, spiking demand worries in the US and other major oil consuming countries
Brent crude slid 0.4% to $81.26 per barrel, while US WTI plunged 0.5% to $76.26 per barrel.
The two contracts dropped over $1 per barrel on Wednesday, under pressure from the rise in US crude stockpiles.
EIA stated that U.S. crude inventories climbed by 12 million barrels to 439.5 million barrels for the 9th of Feb week, way surpassing analysts' expectations of 2.6 million barrels surge according to a poll conducted by Reuters.
Although the stock buildup spiked demand worries, some analysts claimed the shift was primarily motivated by decreased refinery utilisation rates.
Speaking of the supply aspect, in accordance with OPEC+ obligations, Kazakhstan declared that it will make up for the oil overproduction it experienced in January during the following four months.
