Oil prices dipped on news of a significant jump in US crude inventories, raising demand worries. With a 7.3 million barrel increase in US stockpiles, concerns about weakening demand emerged. Recent events, including easing tensions in the Middle East and Federal Reserve rate concerns, further cloud the oil price outlook for the summer driving season. It's likely that oil prices will continue to face downward pressure in the near term, not an investment advice, GL.
