Overview

• Oil prices have fallen for the fourth consecutive week, with US crude oil prices dropping nearly 4% as inventories rise amid concerns over demand, particularly in Asia.
• US crude inventories rose by 3.6 million barrels last week, while production remained steady at a record 13.2 million barrels per day.
• The fall in oil prices is also attributed to the increase in US gasoline stocks, adding to the volatility in crude oil prices.
• The decline in oil prices could lead to lower gasoline prices, potentially benefiting consumers during the Thanksgiving travel rush.
• Analysts suggest that the recent drop in prices may prompt Saudi Arabia to extend oil output cuts into 2024.