Crude Oil Dips Despite Geopolitical Tensions
Update: 2025-12-31
Description
Crude oil and gasoline prices dipped today due to a bearish weekly inventory report and a stronger dollar index. Gasoline inventories surged to an eight-and-a-half-month high, while distillates and Cushing crude supplies also increased. However, overall crude stocks unexpectedly dropped. Geopolitical tensions, such as U.S. blockades on Venezuelan oil tankers and Ukrainian attacks on Russian refineries, are capping the downside. OPEC plus plans to maintain production hikes and Chinas surging crude imports are providing support. U.S. oil rigs also ticked up, signaling steady drilling. Despite surpluses and high production, prices face pressure, but risks keep things balanced for now. Checkout Solipillow.com
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