*đšOil Prices Drop Due to Rising Inventories and Sluggish Demand*$BNB
- *Brent Crude*: Down 9 cents to $82.31/barrel Âč
- *WTI Crude*: Falls 10 cents to $78.30/barrel Âč
*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