Egypt Announces Significant Oil Discovery

In a recent announcement that has sent ripples through the global oil market, Egypt's Petroleum Ministry confirmed 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 set to be developed by the Gulf of Suez Petroleum Company, with expectations to produce around 5,000 barrels per day.

Impact on Global Oil Prices

Following the announcement, crude oil prices experienced a 1% decrease. The West Texas Intermediate for March deliveries dropped by 1.04%, trading at $72.97 per barrel, while Brent crude for March settlements saw a 1.14% decline, settling at $76.62 per barrel.

US Oil Inventories Rise

Amidst these developments, reports from the United States indicate a 2.86 million barrel increase in crude oil inventories for the week ending January 24, adding another layer of complexity to the global oil market dynamics.