Crude oil prices fell on Tuesday after the Energy Information Administration (EIA) reported a build in crude oil inventories. The increase in inventories suggested weaker demand. The price of West Texas Intermediate (WTI) crude fell by $2.00 to $113.00 per barrel.

Factors Influencing the Price Drop

• Inventory Build: The EIA reported a 2.2 million barrel increase in crude oil inventories, exceeding analysts’ expectations.
• Demand Concerns: Growing concerns about a potential economic slowdown have dampened demand forecasts.
• OPEC Production: Increased production from OPEC nations has contributed to greater supply.

Market Outlook

Analysts expect continued volatility in the crude oil market as traders weigh supply and demand factors. Future inventory reports and geopolitical events will likely influence price movements.