Crude oil prices dropped after a surge in the US gasoline inventories

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crude oil price
crude oil price

Crude oil prices dropped after the official unexpected surge in the US gasoline inventories, raising concerns over waning demand.

Brent crude fell by $0.36, or 0.6%, to reach $62.80 a barrel while the US oil fell $0.38, or 0.6%, to reach $59.39 a barrel.

The Opec+ the crude oil alliance decided on Thursday to increase output gradually starting May as pressure mounts from inside and outside the producer’s group to release more barrels to the oil market and keep crude prices in check.

The Saudi kingdom had implemented a voluntary cut of its own of about 1m b/d to bolster the market. but In the coming months, Saudi Arabia will increase production by 250,000 in May, 350,000 in June and 400,000 in July.

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