Oil prices fell marginally during trading on Wednesday, amid anticipation of US inventory data, and before the Federal Reserve's decision on interest rates later today.
Today, Brent crude futures for March delivery fell 0.16% to $88.06 a barrel.
The US NYMEX crude contracts for March delivery also fell by 0.36% at $85.29 a barrel.
The American Petroleum Institute data revealed yesterday that oil stocks fell by 872,000 barrels for the week ending on January 21st. But at the same time, gasoline stocks rose by 2.4 million barrels during the same period.
Crude prices are witnessing a volatile week, as they fell more than 2% last Monday, before rebounding and trading near the highest level in seven years, amid expectations of many Wall banks Street, including Goldman Sachs, crude rose to $ 100 a barrel this year in light of the tightening of the global market.
Concerning developments in geopolitical tensions, US President Joe Biden has warned that he will consider imposing personal sanctions on his Russian counterpart, Vladimir Putin, if the latter orders an invasion of Ukraine.< /p>
