In a pattern that has persisted over the past few days, oil prices experienced another decline on Wednesday. This drop can be attributed to two key factors: a crude and gasoline stockbuild in the United States that exceeded expectations and a decrease in supply concerns. The larger-than-expected build in both crude and gasoline stocks within the U.S. contributed to an oversupply of these products, leading to a decrease in their market value. Additionally, decreased worries about supply disruptions, such as those caused by geopolitical tensions or extreme weather conditions, also contributed to the downward trend in oil prices. As a result, the market experienced a third consecutive day of falling oil prices.
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