US oil prices drop more than $1 as inventory build raises oversupply fear

Yuka Obayashi

Wed, May 14, 2025, 4:22 PM 1 min read

By Yuka Obayashi

TOKYO (Reuters) - U.S. crude futures declined much than $1 successful aboriginal commercialized connected Thursday aft an unexpected physique successful U.S. crude lipid inventories past week raised capitalist concerns astir oversupply.

U.S. West Texas Intermediate (WTI) crude futures slid $1.21, oregon 1.9%, to $61.94 by 2309 GMT. The benchmark slipped 0.8% connected Wednesday.

Data from the Energy Information Administration showed

crude stockpiles roseate by 3.5 cardinal barrels to 441.8 cardinal barrels successful the week ended May 9, compared with analysts' expectations successful a Reuters canvass for a 1.1 million-barrel draw.

[EIA/S]

API manufacture information besides showed a ample physique of 4.3 cardinal barrels successful crude stocks past week, marketplace sources said connected Tuesday. [API/S]

The Organization of the Petroleum Exporting Countries and allied producers, known arsenic OPEC+, has been expanding supply, though OPEC connected Wednesday trimmed its forecast for maturation successful lipid proviso from the United States and different producers extracurricular the wider OPEC+ radical this year.

(Reporting by Yuka Obayashi; Editing by Christopher Cushing)