Oil prices drop in early Asian trading

Oil prices declined in early Asian trading on Wednesday, following a brief rebound in the previous session. 

According to Bloomberg, Brent Crude Futures fell by USD 0.21 to USD 76.27 per barrel, while West Texas Intermediate (WTI) crude dropped by USD 0.25 to USD 72.95.

Data from the American Petroleum Institute (API), released on Tuesday, indicated that crude oil, gasoline, and distillate inventories in the US increased last week, impacting global oil prices.