Crude oil prices decline as supply improves
Crude oil prices fell 1.65% to ₹6,617 due to improved supply conditions from increased shipping through the Strait of Hormuz. The U.S. Strategic Petroleum Reserve also declined by 5.5 million barrels, reaching its lowest level since 1983.
after close1 source ↓written by the desknot a recommendation
- to settle
- 1.65%
- amid increased shipping
- ₹6,617
- Reserve declined
- 5.5 million barrels
- 325.7 million barrels
- the lowest
- 1983
Crude oil prices fell 1.65% to settle at ₹6,617 amid increased shipping activity through the Strait of Hormuz, following progress toward a regional peace agreement. Despite a surge in vessel traffic, security concerns continue to limit transit volumes, shifting focus back to the medium-term outlook for rising global supplies.
Key data showed the U.S. Strategic Petroleum Reserve declined by 5.5 million barrels to 325.7 million barrels, the lowest since 1983. This release aims to alleviate global supply shortages and lower fuel prices.
Not investment advice. For informational purposes only.