Oil prices drop amid build in U.S. inventories

Oil&Gas Materials 2 February 2023 02:45 (UTC +04:00)

Oil prices fell noticeably on Wednesday after data showed a larger-than-expected rise in U.S. crude stockpiles, Trend reports citing Xinhua.

The West Texas Intermediate (WTI) for March delivery shed 2.46 U.S. dollars, or 3.12 percent, to settle at 76.41 dollars a barrel on the New York Mercantile Exchange. Brent crude for April delivery lost 2.62 dollars, or 3.07 percent, to close at 82.84 dollars a barrel on the London ICE Futures Exchange.

The U.S. Energy Information Administration (EIA) reported Wednesday that the country's commercial crude oil inventories increased by 4.1 million barrels during the week ending Jan. 27. On average, analysts polled by S&P Global Commodity Insights had forecast a rise of 0.3 million barrels in U.S. crude supplies.