Crude Oil Prices Plummet as US Stockpiles Rise More Than Expected
Crude oil prices dropped on Wednesday following a larger-than-expected increase in US crude stockpiles.
US Stockpile Build Weighs on Crude Oil Prices
The Energy Information Administration (EIA) reported a 4.3 million-barrel increase.
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Key Market Data:
- Crude oil prices fell 2.5% to $70.45/bbl
- US crude stockpiles rose 4.3 million barrels
- OPEC+ production cuts remain in place
Market Outlook:
The current market sentiment is bearish for crude oil.
Technical Analysis: Crude Oil Prices
- Support levels: $68.50, $66.00
- Resistance levels: $72.00, $74.00
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