Oil Prices Test Critical Support Amid Massive Surge in US Inventories

Key Facts

1US crude inventories jumped by 11.43 million barrels, increasing supply pressure.

2WTI crude oil is testing a critical support level at $65.50 per barrel.

WTI crude oil is currently testing a critical support level at $65.50 per barrel as supply pressures continue to mount. The downward trend follows reports of a massive jump in US crude inventories, which increased by 11.43 million barrels, significantly exceeding expectations. This substantial inventory build has intensified concerns regarding oversupply in the global energy market. Traders are now weighing these fundamental bearish factors against ongoing geopolitical risks that may provide a temporary floor for prices. Market analysts suggest that maintaining the $65.50 support level is vital for preventing further technical selling in the near term. Meanwhile, natural gas prices also remain under observation as the broader energy sector reacts to shifting supply-demand dynamics and geopolitical uncertainty.