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Oil Prices Plunge Amid Rising U.S. Crude Inventories

3/8/2025

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Summary

Story summary

Oil prices dropped for the fourth consecutive day, with Brent crude at $68.95 and WTI at $65.86 per barrel.
U.S. crude inventories rose by 3.6 million barrels, surpassing forecasts, while gasoline and distillate stocks decreased.
Chevron has a 30-day deadline to halt operations in Venezuela but anticipates increased cash flow from U.S. and Kazakhstan projects.

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Story summary

Oil prices dropped for the fourth consecutive day, with Brent crude at $68.95 and WTI at $65.86 per barrel.
U.S. crude inventories rose by 3.6 million barrels, surpassing forecasts, while gasoline and distillate stocks decreased.
Chevron has a 30-day deadline to halt operations in Venezuela but anticipates increased cash flow from U.S. and Kazakhstan projects.