Oil prices fell after the publication of inventory data in the US.

Oil prices fell due to rising inventories in the US

Oil prices are falling after the release of disappointing data on crude oil and fuel inventories in the United States. This happened shortly before the start of the summer travel season, when demand for fuel increases.

Brent futures prices fell by 8 cents to $65.30 per barrel. Meanwhile, American WTI oil decreased by 3 cents to $62.00 per barrel. Previously, prices had risen after speculation about a possible strike on Iranian nuclear facilities by Israel, which would disrupt supply in the Middle East.

'The EIA report recorded an increase in crude oil, gasoline, and distillate inventories, which did not please market participants,' noted Giovanni Staunovo, UBS analyst.

Crude oil, gasoline, and distillate inventories in the US unexpectedly rose, as the latest data from the Energy Information Administration showed. This led to a drop in oil futures prices, despite earlier support from news about a possible strike on Iranian facilities.

The impact of a possible strike and rising inventories on the oil market

The possibility of conflict in the Middle East and rising oil inventories in the US have resulted in falling oil prices. In the event of conflict escalation, oil supplies may be disrupted, which could impact the market. Concerns also arise about potential actions by Iran in response to a possible strike and the passage of oil tankers through the Strait of Hormuz.

All these factors could lead to a temporary decline in supply and an increase in oil prices, but experts believe that OPEC+ can quickly offset any temporary risks.