Global oil prices experienced a downturn in the market as production surged in the United States, the world’s largest consumer of crude oil, resulting in a decrease of over one percent.
Brent crude for July saw a decline of 95 cents, settling at $85.38 per barrel, while West Texas Intermediate crude for June settled at $80.77, down $1.16.
The increase in US crude oil production was notable, rising to 13.15 million barrels per day in February from 12.58 million in January, marking the largest surge in three years, according to the Energy Information Administration.
This shift in production dynamics has contributed to the downward pressure on oil prices globally, reflecting the delicate balance between supply and demand in the oil market.
