Brent and WTI snap a six-session rally after US inventories rise by 17 million barrels, the largest build since January 2023.
Oil benchmarks settled down nearly 2% on Thursday, reversing a six-session winning streak as a sharp increase in US crude inventories overshadowed lingering supply risks. WTI and Brent traded between $80-$83 and $86-$89 per barrel, respectively, after earlier losses exceeded 3.5%.
US commercial crude stocks surged by 17 million barrels to 424 million, the highest level since early June and the largest weekly build since January 2023. The inventory rise contrasted with persistent supply concerns, including Houthi attacks on Saudi refineries and uncertainty over Hormuz Strait traffic.
Despite the pullback, diesel cracks hit record highs, signaling tightness in refined products even as crude markets grapple with oversupply. Volatility is expected to persist until clarity emerges on Middle East shipping routes.