Crude oil inventories rose sharply more than expected U.S. oil plunged nearly 4% to nearly $90

On Wednesday (August 3), Eastern time, international crude oil prices suffered a heavy decline
.
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"
.

In the pre-market session of US 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, some non-OPEC oil producing countries such as the Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia and major production capacity countries held a monthly 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 spare crude oil capacity requires relevant countries to "use these capacities very carefully", and the serious 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 will not affect the baseline
set by the 19th ministerial meeting between OPEC and non-OPEC oil producers.
The value and importance of maintaining consensus was stressed 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 symbolic move is expected to have little
impact on crude oil prices.
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 sharply, up more than 1%, and U.
S.
oil rose above $
96.

Subsequently, during the intraday session of the US stock market, data released by the US EIA showed that EIA crude oil inventories increased by 4.
467 million barrels in the week ended July 29, and an expected decrease of 629,000 barrels
.

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