Impact of Egypt's Oil Discovery on Global Markets

Crude oil prices experienced a 1% decline following the announcement by Egypt's Petroleum Ministry about the discovery of approximately 8 million barrels of oil reserves in the East Crystal-1 well, located in the Gulf of Suez. This significant find is expected to be exploited by the Gulf of Suez Petroleum Company, with an anticipated production rate of around 5,000 barrels per day.

US Crude Oil Inventories Rise

In related news, the United States saw an increase in its crude oil inventories, with reports indicating a growth of 2.86 million barrels in the week ending January 24. This development adds another layer to the complex dynamics of global oil markets.

Market Reactions

The West Texas Intermediate for March deliveries saw a decrease of 1.04%, trading at $72.97 per barrel at 6:04 am ET. Similarly, Brent for March settlements dropped by 1.14%, reaching $76.62 per barrel shortly after.