WTI crude drops on rising US inventories, tariff concerns

WTI crude oil futures dipped to around $75 per barrel on Thursday, marking a fifth consecutive decline after an industry report indicated a rise in US oil inventories.

WTI crude drops on rising US inventories, tariff concerns

According to API data, crude stocks increased by 1 million barrels last week, reversing five weeks of declines. Traders continued to evaluate the potential effects of President Trump's proposed tariffs on China, the EU, Canada, and Mexico, as well as warnings of penalties for Russia if President Putin does not move toward ending the Ukraine war. In other developments, Saudi Arabia's crude oil exports reached an eight-month high in November 2024, rising 4.7% to 6.2 million barrels per day (bpd), up from 5.9 million bpd in October, while production slightly decreased to 8.9 million bpd from 9 million bpd.

Texas ports reopen after winter storm disruptions

Additionally, several Texas ports began reopening Wednesday following disruptions from Winter Storm Enzo, which had impacted shipping and energy operations earlier in the week.