Oil prices slightly dipped on signs of supply comfort
The Energy Information Administration (EIA) adjusted its projections for 2024 global oil and liquid fuels production, indicating a well-stocked market.
Oil prices experienced a minor decline on Tuesday as supply worries showed signs of easing. The Energy Information Administration (EIA) adjusted its projections for 2024 global oil and liquid fuels production, indicating a well-stocked market.
Contrary to previous forecasts of undersupply, the latest outlook suggests a balanced scenario.
In Tuesday's trading, oil prices received a modest boost from the US government initiative to purchase over 3 million barrels of oil for the Strategic Petroleum Reserve (SPR). This move cushioned the market from steeper drops.
Brent futures decreased by 17 cents to settle at $83.16/barrel.
WTI fell by 10 cents to settle at $78.38/barrel.