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Oil prices drop as US crude stock builds up

Oil United States
A view shows oil terminal Kozmino near Nakhodka

Oil prices dropped on Tuesday as the market reacted to a significant increase in U.S. crude stockpiles. The build in inventories has raised concerns over supply glut and dampened hopes for a speedy recovery in global fuel demand.

According to the American Petroleum Institute (API), U.S. crude inventories rose by 4.8 million barrels last week, well above market expectations of a smaller increase. This unexpected surge in stockpiles adds to the existing oversupply concerns, as the global oil market continues to grapple with weakened demand due to the ongoing COVID-19 pandemic.

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