Oil prices continue falling after rise in US crude inventory

Economy

Published: 2024-03-27 12:48

Last Updated: 2024-04-14 04:11


Oil wells
Oil wells

Oil prices fell in Wednesday's trading session for the second consecutive day after a report indicated a sharp rise in crude stockpiles in the United States, and that major producers are unlikely to change their output policy at a technical meeting next week - per Reuters.


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Futures for West Texas Intermediate (WTI) crude dropped by 0.91 percent to USD 80.88 per barrel, while Brent crude futures fell by 0.96 percent to USD 85.42 per barrel - according to Bloomberg data.

The report by the American Petroleum Institute (API), which is the largest US trade association for the oil and natural gas industry representing nearly 600 corporations, showed an increase in US crude oil inventories last week. According to the institute's estimates, inventories rose by 9.3 million barrels.

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