Oil prices fall as US fuel inventories climb

Oil drilling rigs

Oil prices fell today, Jan. 5, after US fuel stockpiles increased, indicating declining demand in the world’s biggest oil consumer amid a spike in Omicron cases.

The OPEC+ agreed to add another 400,000 barrels per day of supply in February, as it has every month since August.

Elsewhere, the White House welcomed a decision by top oil producers to stick with their plans to raise crude production and touted “close” coordination with Saudi Arabia and the United Arab Emirates.

Brent crude futures fell 12 cents to $79.88 a barrel at 9 am Makkah time, while US West Texas Intermediate (WTI) crude futures fell 13 cents to $76.86 a barrel.

The American Petroleum Institute (API) said US gasoline stockpiles rose by 7.1 million barrels in the week to Dec. 31, 2021.

The US Energy Information Administration (EIA) will release official inventory data for the past week later today.