Oil Prices Decline Amid Geopolitical Tensions

Oil prices experienced slight declines on Wednesday due to rising U.S. crude and gasoline inventories, with Brent crude settling at $72.81 and WTI at $68.87. Despite the supply increase, geopolitical tensions from the Russia-Ukraine conflict continue to influence market stability, as Ukraine launched cruise missiles into Russian territory using Western-supplied arms. The conflict has raised concerns about potential supply disruptions, particularly with Russia's intensified military actions. Analysts suggest that the market remains cautious amid these tensions, with some predicting Brent prices will stay above $70. Additionally, production issues at significant oilfields in Norway and Kazakhstan have contributed to tightening global supplies. The situation remains fluid, with investors closely monitoring developments in both the war and oil output.