Oil prices fell during trading on Wednesday, in conjunction with the release of preliminary data indicating a decline in inventories in the United States of America last week.
The American Petroleum Institute data revealed, on Tuesday, that oil stocks in the United States fell by 815,000 barrels for the week ending December 10, 2021.
On the other hand, the decline in oil prices coincided with expectations that the supply of crude would exceed demand levels starting from this December.
The International Energy Agency has warned that the increase in Corona injuries and the outbreak of the Omicron strain may reduce global demand for oil, and that the supply of crude may exceed demand levels starting from this month.
In terms of trading, Brent crude futures for February delivery fell today by 1.2% to $72.85 a barrel.
The US NYMEX crude contracts for January delivery also fell today by 1.3% at the level of $69.78 a barrel.
