Oil prices continued to decline, especially after an industrial report indicated a significant increase in US inventories, and other markets declined before the end of the quarter, and Brent crude oil headed to 85% of the dollar per barrel, especially after a decline of 0.6% on Tuesday, March 27, 2024, and West Texas Intermediate crude oil is trading below $81.

The industry-funded American Petroleum Institute said nationwide inventories rose by 9.3 million barrels last week, and there was a 2.4 million barrel increase in crude oil volumes at the hub of Cushing, Oklahoma, despite shrinking gasoline inventories.

Crude oil levels in the Cushing Center recorded the largest increase during the week in terms of barrel value since January 2023, and at the same time gasoline stocks declined for the eighth week in a row and is considered the longest series of declines in a year.

What affected crude oil is the financial markets, which are considered weaker in scope, and the stock markets that are opening in Asia witnessed a state of calm after the American indices erased their gains during the last half hour of trading. As investors rebalanced their investment portfolios.

In light of this, oil rose after leaving the narrow range, which lasted for a period of two months in 2024, when the difference between the supply and demand prices was limited. These events led to a state of geopolitical uncertainty, especially in light of the Ukrainian drone attacks on the Russian oil infrastructure, in addition to supply cuts. "OPEC+", which aims to support prices despite the difficult economic outlook in China, and the strong growth in supplies from outside "OPEC+", which is still considered an adverse profit.