Oil Prices Drop Amid Rising U.S. Crude Stockpiles

Oil prices fell as the American Petroleum Institute (API) reported a rise in U.S. crude inventories, signaling weaker demand. Codan Limited (ASX: CDA) saw a significant decline in West Texas Intermediate (WTI) prices, which slid toward $71 per barrel, while Brent crude settled above $76 per barrel. The API estimated stockpiles grew by 1.6 million barrels last week, contributing to the price drop. Meanwhile, in the Middle East, U.S. Secretary of State Antony Blinken met with Israeli Prime Minister Benjamin Netanyahu, discussing the impact of Hamas leader Yahya Sinwar's death. Traders are also watching how Israel responds to Iran’s missile strike earlier this month.

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