Home → News → Non-renewable Energy → Oil prices decline for the third day, supported by the glut of American inventories and hopes of stopping the war on “Gaza”
Oil prices witnessed a decline in trading today, Wednesday, for the third day in a row, with an increase in crude inventories and production in the United States, which is the largest oil consumer in the world, in addition to increasing hopes for reaching a ceasefire agreement in the Middle East region.
By 0005 GMT, Brent crude futures for July delivery fell 0.5 percent, or 47 cents, to $85.86 per barrel.
In the same context, US West Texas Intermediate crude futures for June fell by 0.6 percent, or 53 cents, to $81.40 per barrel.
On the other hand, figures published by the American Petroleum Institute showed that US crude oil inventories rose by 4.906 million barrels last week, while gasoline and distillate inventories witnessed a decline.
The agency is interested in studies of energy security, and its political and geopolitical effects, as well as the effects of energy security on stability in the system and international peace.