Crude oil futures traded lower on Thursday morning as the official data showed a huge increase in the crude oil inventories in the US. At 9.52 am on Thursday, April Brent oil futures were at $81.21, down by 0.48 per cent; and March crude oil futures on WTI (West Texas Intermediate) were at $76.22, down by 0.55 per cent. Petroleum status report by the US EIA (Energy Information Administration) for the week ending February 9 showed a huge increase in the crude oil inventories. According to EIA, commercial crude oil inventories increased by 12 million barrels from the previous week. US has been witnessing increase in crude oil production in the recent weeks.

Source: The Hindu February 15, 2024 20:29 UTC