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Oil Prices Fall on Higher U.S. Crude Inventories - Barron's

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Oil Prices Fall on Higher U.S. Crude Inventories

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Last Updated:
Nov. 16, 2023 at 1:53 PM EST Live Coverage Feed

9 hours ago

Oil prices were falling on Thursday following an increase in U.S. crude oil inventories.

Brent crude was 1% lower at $80.37 a barrel, while WTI was down 1.1% to $75.79 a barrel.

The EIA showed U.S. crude oil stockpiles rose by 3.59 million barrels over the last week to 439.4 million barrels, the highest since August. Plus, the U.S. administration said it will enforce oil sanctions against Iran, adding pressure to prices.

"While sanctions have remained in place, the U.S. has not enforced them strongly, which has allowed Iranian oil exports to grow this year," ING analysts said in a note, adding that a stricter enforcement and subsequent supply loss would be enough to tighten up the global oil balance significantly through 2024.

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