Crude oil prices stagnate, know what is the condition of the market:

After two consecutive days of decline, stability was seen in crude oil prices on Thursday. This pause has come after the report of the American Energy Information Administration (EIA). It has been reported in the report that there has been the biggest increase in America’s crude oil reserves since July, due to which oil prices have become stable. There is pressure from weak demand in the market and excess supply of oil globally.

In the international market, the futures price of Brent crude reached $ 63.54 per barrel with a slight increase of 0.03%, while the American West Texas Intermediate (WTI) futures remained stable at $ 59.60 per barrel. WTI was trading below $60, down 2.4% in the past two sessions, and Brent crude also closed below $64 on Wednesday.

According to the EIA report, crude oil reserves have increased by 52 lakh barrels in the week ending October 31. However, in the same report it has also been told that the gasoline stock in America has decreased by about 5 million barrels to the lowest level in three years.

The concern about excess supply of oil in the global market is also increasing because OPEC+ and non-member countries have increased production. For this reason, the US benchmark has fallen by about 17% this year. The head of commodity trader Mercuria also said in a conference in Abu Dhabi that the excess supply of oil is gradually increasing and next year it could reach 2 million barrels per day.