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Energy Preview: WTI crude oil lingers near a three-year low
07-Mar-2025 08:47

WTI crude oil futures are lingering around their lowest level in 3 years after U.S. crude oil stockpiles posted a larger-than-expected build, adding a further headwind as investors worried about OPEC+ plans to increase output in April and U.S. tariffs on Canada, China and Mexico. Crude oil stockpiles in the United States for the week ending February 28 rose by 3.614 million barrels, compared to a fall of 2.332 million barrels in the previous week, according to the Energy Information Administration (EIA) weekly report. Meanwhile, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, decided to increase output for the first time since 2022. This, in turn, drags the oil prices lower. Currently, the counter is quoting at $66.45 per barrel, up 0.20% on the day.

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