Oil prices
Brent was down 2 percent so far this week, while WTI was 2.7 percent lower
Crude inventories rose by 1.3 million barrels to 443.2 million barrels in the week ended May 16, the EIA said
Investors await upcoming U.S. oil stock data from the EIA later on Wednesday
Moody's downgrade of U.S. credit rating raises concerns about economic outlook and oil prices
Both contracts saw a rise of over 1 percent after the U.S. and China paused tariffs
The International Energy Agency (IEA) expects global oil stocks to rise by over 700,000 b/d across the year
Expectations of a significant increase in U.S. oil inventories tempered optimism in the market for now
U.S. and China cut tariffs temporarily, boosting markets but leaving uncertainties unresolved.
Despite gains, oil prices have suffered significant losses in 2025 due to slowing demand and rising production
Crude stocks fell by 4.5 million barrels recently, with analysts expecting further declines in inventories
Brent crude futures reached $61.20, while U.S. West Texas Intermediate settled at $58.05 a barrel
