Oil Prices Continue to Fall Amid Rising US Inventories and Demand Concerns
Fourth consecutive week of decline in oil prices could lead to lower gasoline prices, potentially benefiting consumers during the Thanksgiving travel rush.
- Oil prices have fallen for the fourth consecutive week, with US crude oil prices dropping nearly 4% as inventories rise amid concerns over demand, particularly in Asia.
- US crude inventories rose by 3.6 million barrels last week, while production remained steady at a record 13.2 million barrels per day.
- The fall in oil prices is also attributed to the increase in US gasoline stocks, adding to the volatility in crude oil prices.
- The decline in oil prices could lead to lower gasoline prices, potentially benefiting consumers during the Thanksgiving travel rush.
- Analysts suggest that the recent drop in prices may prompt Saudi Arabia to extend oil output cuts into 2024.
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Washington Post 
