Brent Crude Falls Below $77 Amid Rising Supply and Lower Demand Forecasts

Brent crude oil futures fell below $77 per barrel on Wednesday, following a 4.6% drop the day before, driven by weak demand and rising supply. U.S. crude inventories surged by nearly 11 million barrels, much higher than anticipated, according to API data.

The U.S. Energy Information Administration (EIA) also lowered its 2025 demand forecast, citing economic slowdowns in China and North America.

Oil prices were further pressured by news of a potential ceasefire between Hezbollah and Israel, though concerns about Israeli strikes on Iran's oil facilities remain.

Meanwhile, Hurricane Milton threatens to disrupt gasoline supplies along Florida's Gulf Coast.