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Oil falls on rising US stocks - Saudi price cuts

Market reacts to inventory buildup and Saudi pricing move

Oil Falls Amid Rising US Stockpiles and Saudi Price Cuts Unexpected US inventory build and Saudi price cut weigh on prices Oil prices dropped today following a surprise increase in US gasoline and diesel inventories, along with Saudi Arabia’s decision to lower its official selling prices for crude to Asia—signaling concerns about demand this summer.

Brent crude fell below $77 per barrel as the market reacts to signs of oversupply and weak demand outlook, especially with continued uncertainty around China’s economic recovery and OPEC+ production plans.

- Source: Reuters

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