International oil prices fell by more than 2% on the 14th, ending a six-day consecutive rise. The market was affected by a significant increase in U.S. crude oil inventories, which rose by 17.4 million barrels to 424.4 million barrels. Weakening oil demand is also a factor in the decline in oil prices. OPEC and IEA predict that rising oil prices and tensions in the Middle East are suppressing demand. Tensions in the Middle East are increasing the risk of supply disruptions, which is a factor in curbing the decline in oil prices. Russia's oil supply issues are also factors affecting oil prices.

FACT BOX

  • Source: PR Times
  • Category: News
  • Organizations: OPEC / IEA