$1 a barrel tumble by crude oil prices

Growing U.S. oil inventories sent crude oil prices sliding by a dollar a barrel in Wednesday’s trading. Investors fear the growing crude inventory could result in less demand for oil in the nation.

West Texas Intermediate, the US benchmark, dropped $1.23 or 1.6% to settle at $76.64 a barrel on the New York Mercantile Exchange.

U.S. Crude Oil Could Be Ripe for A Short Squeeze

Crude oil inventories at Cushing have dropped to their lowest level for this time of year in over a decade.
The depleting stocks at Cushing and the bearish sentiment on the oil market, especially the recent more negative positioning in WTI Crude, could lead to high prices in the near term.
In the three weeks to January 19, inventories at Cushing fell by more than 5 million barrels.

Are Oil Markets Underpricing Geopolitical Risks?

Oil prices have gained some upward momentum in the last week, driven by geopolitical tensions and inventory drawdowns.
Analysts continue to debate just how serious the geopolitical risks are and whether spare capacity and new production will be able to counter supply issues.
Seasonal shifts in demand, coupled with anticipated interest rate cuts, look set to push oil prices higher in the near future.

Oil Prices Rise as Fed Pivot Boosts Demand Optimism

Oil prices continued to climb on Thursday, with WTI up above $70 and Brent rising to $75.60.
Optimism around both economic growth and oil demand was boosted on Wednesday when the Fed signaled it would cut interest rates next year.
The Fed’s comments also triggered a rally in stocks, bonds, and gold, and sent the U.S. dollar to a four-month low.