Oil Prices Dip as U.S. Crude Inventories Surge Amid Middle East Tensions

Oil prices slipped on Wednesday following reports of a larger-than-expected rise in U.S. crude inventories. Brent crude brent fell 0.7% to $75.54 per barrel, while U.S. West Texas Intermediate (WTI) also dropped 0.7% to $71.24 per barrel. The declines followed two sessions of gains earlier this week.

U.S. crude stocks increased by 1.64 million barrels last week, significantly surpassing the 300,000-barrel rise anticipated by analysts, according to American Petroleum Institute data. Official figures from the U.S. government are expected later on Wednesday.

Diplomatic efforts in the Middle East continue to be closely watched as U.S. Secretary of State Antony Blinken held talks with Israeli leaders, focusing on increasing humanitarian aid to Gaza amid ongoing Israeli attacks on Gaza and Lebanon.

Goldman Sachs maintains its 2025 oil price forecast at $76 per barrel, citing a moderate crude surplus and OPEC+ spare capacity.