Oil prices witnessed a decline during trading today, Wednesday, to decline by more than 1%, in light of expectations of a rise in US oil inventories; Which leads to an increase in supply in the markets, at a time when fears of a global economic slowdown are increasing.
According to Arab Net, Brent crude futures fell 1.5%, or about $1.33, to $84.94 a barrel.
And US crude futures for November delivery fell 1.27%, or the equivalent of one dollar, to $ 77.33 a barrel.
The rise in the US dollar adds more pressure on Crude Oil, as it makes the commodity priced in the US currency more expensive for buyers, eroding demand for crude.
The American Petroleum Institute data released on Tuesday revealed that crude oil inventories rose by 4.1 million barrels in the week ending September 23, and distillate stocks rose by 0.4 million barrels, while gasoline stocks fell by 1.04 million barrels.
Investors are awaiting official data from the US Energy Information Administration later today, with oil stocks expected to rise by 400,000 barrels.
