US EditionOil Steady After US Stockpile Build, Saudi Arabia Price Cuts
- Oil prices fell early on June 5, 2025, in London after U.S. Stockpiles of gasoline and diesel increased and Saudi Arabia cut crude prices for Asian buyers.
- The decline came in the wake of an OPEC+ weekend agreement to boost production by 411,000 barrels daily for the month of July, coupled with Saudi Arabia’s price reductions to levels near a two-month low.
- The increase in U.S. Inventories indicates softer demand in the country’s economy, amid growing concerns about a worldwide economic slowdown driven by uncertainties over tariffs and ongoing trade disputes.
- Brent crude futures dropped 21 cents to $64.65 a barrel, and U.S. West Texas Intermediate crude fell 29 cents to $62.58, while analyst Ole Hansen noted that uncertainty has increased fears of economic slowdown.
- The developments highlight ongoing market pressure from supply increases and weaker demand, suggesting continued volatility influenced by geopolitical and economic factors.
14 Articles
14 Articles
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New Strait Times
Oil steady after US stockpile build, Saudi Arabia price cuts
LONDON: Oil prices steadied on Thursday after falling more than one per cent the previous day because of a build in US gasoline and diesel inventories and cuts to Saudi Arabia's July prices for Asia.
Oil Updates — crude slips on US stockpile build, Saudi Arabia price
TOKYO/SINGAPORE: Oil edged lower on Thursday after a build in US gasoline and diesel inventories and cuts to Saudi Arabia’s July prices for Asian crude buyers, with global economic uncertainty weighing on prices as well. Brent crude futures fell 1 cent to $64.85 a barrel at 9:30 a.m. Saudi time. US West Texas Intermediate crude lost 11 cents, or 0.2 percent, dropping to $62.74
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