Crude oil inventories rose sharply more than expected, and U.S. oil tumbled nearly 4% to close to $90

On Wednesday (August 3), Eastern time, international crude oil prices suffered a heavy setback
.
By the close, WTI September crude oil futures were down nearly 4%.

It is worth noting that the international crude oil market on that day did not continue to fall, but "jumped up and down"
.

During the pre-market session of U.
S.
stocks, "OPEC+" announced a small increase in production by 100,000 b/d
.
According to CCTV news reports, on the afternoon of the 3rd local time, Saudi Arabia-led OPEC member countries and some non-OPEC oil-producing countries such as Russia held a monthly regular meeting
of the "OPEC+" mechanism.

The meeting noted that the fundamentals of the oil market were constantly changing and that there was a need to constantly assess market conditions
.
Participants pointed out that the serious reduction of crude oil spare capacity requires relevant countries to "use these capacities with great care", and that the severe shortage of investment in the oil industry at this stage has limited the upstream and downstream development of the industry, and may also affect the timely supply of sufficient crude oil to the market by oil-producing countries.

At the same time, the meeting believes that this adjustment does not affect the baseline
set by the 19th ministerial meeting between OPEC and non-OPEC oil producers.
The meeting stressed the value and importance of maintaining consensus as essential
for the unity of OPEC and the non-OPEC oil-producing countries participating in the meeting.

However, according to the Wall Street Journal, the impact of this symbolic move on crude oil prices is expected to be minimal
.
OPEC representatives said more time was needed to assess a possible slowdown in global energy demand before calling for a significant increase in oil production
.

Affected by the news, U.
S.
oil and cloth oil both rose in a straight line, up more than 1%, and U.
S.
oil rose above $
96.

Subsequently, during the intraday session of U.
S.
stocks, data released by the U.
S.
EIA showed that EIA crude oil inventories increased by 4.
467 million barrels in the week ended July 29, and was expected to decrease by 629,000 barrels
.

As the inventory data exceeded expectations, after the release of the data, international crude oil prices began to continue to fall
.
By the close, WTI September crude oil futures fell 3.
98% to $90.
66 per barrel, approaching $90; Brent crude oil futures for October fell 3.
74 percent to $96.
78 a barrel, losing $100
.