Oil prices fall as US crude inventories rise, sparking oversupply concerns.

From Yahoo Finance: 2025-05-13 20:56:00

Oil prices dropped as U.S. crude stockpiles unexpectedly rose, sparking concerns of oversupply. Brent crude settled 0.81% lower at $66.09/barrel, while WTI slipped 0.82% to $63.15. Data from the EIA revealed a 3.5 million barrel increase, contrary to analyst expectations of a 1.1 million barrel draw. OPEC trimmed its forecast for non-OPEC+ oil supply growth, contributing to the price decline. A stronger U.S. dollar also pressured prices, making oil more expensive for investors with other currencies.



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