Oil prices are seeing a sliding trend, with crude oil futures trading down by 3 percent overnight and 8 percent over the month, marking near two-month lows on signs of weak US demand and easing tensions in the Middle East.
US inventories in the previous week increased by 7.3 million barrels to 460.9 million barrels, the highest since June, according to the latest report by EIA.
The rise in US crude inventories may have added to the concerns about a weakening demand, analysts said.
Oil prices are trading sharply lower this week after soaring to the highest level since October in the aftermath of Iran’s unprecedented attack on Israel.
The decline in oil futures is coinciding with signs of easing tensions in the Middle East.
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