Market Reports

Oil Prices Dip Amid U.S. Inventory Build

By RT Staff Reporters · February 28, 2024 · 1 min read

Oil futures experienced a downturn following a significant increase in U.S. crude inventories, countering the previous session’s gains fueled by anticipated supply reductions.

Talks of a ceasefire in Gaza further restrained the advance in prices.

In the International Commodity Exchange (ICE), Brent crude for May dropped 0.62% to $82.15 per barrel.

April’s West Texas Intermediate (WTI) also saw a 0.42% decrease to $78.54 a barrel on the New York Mercantile Exchange.

An unexpected 4.2 million barrel rise in U.S. crude oil stockpiles last week sparked oversupply concerns, surpassing analyst forecasts.

Oil Prices Dip Amid U.S. Inventory Build. (Photo Internet reproduction)

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This surge effectively neutralized decreases in gasoline and distillate inventories.

The increase in reserves interrupted the price boost seen in the prior session, spurred by OPEC+ deliberations on prolonging production cuts into the next quarter.

Analysts from TD Securities hint that traders may soon offload recently acquired long-dated contracts at sub-$78 prices.

Even with a Ramadan ceasefire easing supply fears, analysts doubt it will reduce price risk premiums without lasting conflict resolution. Ongoing Red Sea operations compound these concerns.

Israel hints at ground assault on Hamas‘s Rafah stronghold, risking safety of over a million Palestinians for hostage release deal before Ramadan.

Novak’s statement to Reuters highlights how geopolitical and market dynamics intricately influence global oil prices.

Live Market IntelligenceCommodities — Live Market BoardInside: market breadth, the sector heatmap, currencies & rates, the Latin America scoreboard and the full instrument board.

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Commodities — Live Market Board

Global
Jul 22, 2026 · 13:39

Brent crude · benchmark

93.51
+2.75%

L 84.01day rangeH 85.14

+36.33% over 12 months

Market breadth · 15 names

60% advancing

9 ▲ advancing6 declining ▼

Currencies, rates & key inputs

Gold

4,157

+2.12%

Silver

60.41

+2.68%

Copper

6.49

-0.33%

Iron ore

161.91

·

WTI crude

86.33

+1.67%

Full instrument board

Instrument	Last	Change	YoY	Prev.	High	Low	Volume
GOLD	4,157	+2.12%	+20.88%	4,071	4,171	4,081	108,138
SILVER	60.41	+2.68%	+53.64%	58.83	61.27	59.03	25,945
BRENT	93.51	+2.75%	+36.33%	91.01	85.14	84.01	45,001
WTI	86.33	+1.67%	+30.39%	84.91	88.61	84.44	261,293
COPPER	6.49	-0.33%	+13.91%	6.51	6.56	6.49	31,355
LITHIUM	69.25	+0.25%	+57.71%	69.08	69.65	69.00	170,394
IRON ORE	161.91	—	+65.03%		161.91	161.91	1
SOY	1,233	+1.11%	+22.05%	1,220	1,240	1,218	106,742
CORN	482.50	+6.57%	+20.85%	452.75	486.50	474.75	184,708
WHEAT	702.00	+3.54%	+27.75%	678.00	708.25	678.00	78,778
COFFEE	317.10	-4.47%	+7.00%	331.95	324.60	313.35	10,067
SUGAR	14.70	-1.21%	-9.71%	14.88	14.94	14.67	37,344
COCOA	5,315	-5.21%	-34.78%	5,607	5,534	5,240	14,648
ORANGE JUICE	149.35	+3.86%	-54.91%	143.80	150.50	140.55	572
COTTON	81.36	+3.04%	+22.18%	78.96	81.75	79.75	12,672
BEEF	220.40	-2.77%	-2.03%	226.68	222.55	219.05	15,593
CATTLE	338.58	-3.14%	+3.14%	349.55	344.00	335.00	8,424
USD/BRL	5.06	-0.30%	-9.12%	5.07	5.08	5.05	—

Largest moves today

CORN
482.50
+6.57%

COCOA
5,315
-5.21%

COFFEE
317.10
-4.47%

ORANGE JUICE
149.35
+3.86%

WHEAT
702.00
+3.54%

CATTLE
338.58
-3.14%

COTTON
81.36
+3.04%

BEEF
220.40
-2.77%

The session read

The Brent crude rose 2.75%, with breadth positive — 9 of 15 names higher. CORN led, while COCOA lagged.

From The Rio Times

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