Oil prices began to recover on Thursday morning after the EIA's latest inventory report sparked a dramatic drop in both WTI and Brent.
Crude oil prices staged a hesitant recovery early on Thursday after the EIA’s latest inventory report sparked a massive drop in both WTI and Brent. Oil prices were already trending lower at the start of the week due to a combination of profit-taking and economic concerns, but reports of weak U.S. gasoline demand seemed to burst the bullish bubble. In the latest weekly petroleum report, the U.S.
Saudi Arabia and Russia, the key OPEC partners, also said on Wednesday they would maintain their voluntary production and export cuts in November, and review the decisions next month to decide if the cuts should be deepened or eased. The reaction of oil markets to this news would suggest a larger underlying shift in sentiment rather than a direct reaction to gasoline demand alone.
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