Oil Prices Dip as U.S. Crude Inventories Surpass Expectations

Crude oil prices declined as the Energy Information Administration reported a build in crude and fuel inventories. The American Petroleum Institute estimated a slight dip in crude oil inventory, while gasoline and middle distillates inventories increased. Oil prices remained volatile ahead of the OPEC+ meeting, where an extension of production cuts is expected. Analysts anticipate that deeper cuts from Saudi Arabia could push prices higher, but uncertainties remain. If OPEC fails to reach an agreement and delays the meeting, prices are likely to fall.