*🚨Oil Prices Drop Due to Rising Inventories and Sluggish Demand*$BNB

$SOL

- *Brent Crude*: Down 9 cents to $82.31/barrel ¹

- *WTI Crude*: Falls 10 cents to $78.30/barrel ¹

*Reasons for the Drop*

- *Rising Inventories*: Increase in US commercial crude oil inventories of around 3.5 million barrels to 443 million barrels

- *Geopolitical Tensions*: Ongoing conflict in the Red Sea that negatively affects global oil supplies

*Additional Context*

- *OPEC+ Cuts*: The OPEC+ group's decision to extend additional voluntary cuts of 2.2 million barrels per day (bpd) until the end of September 2024

- *Global Oil Demand*: Increase in global oil demand amid the rise in travel brought by the summer season