Oil Prices Decline Ahead of US Inventory Data Release
Oil prices retreated during Wednesday's trading sessions as markets closely monitored geopolitical and economic developments and awaited the release of official U.S. inventory data.
Brent crude futures dropped 0.51%, trading at $70.24 per barrel at 09:15 AM Mecca time, while U.S. crude futures for April delivery decreased by 0.51% to reach $66.56 per barrel.
The decline followed Russia’s partial acceptance of U.S. President Joe Biden's proposal for reducing military actions, easing concerns over global oil supply. However, Russia stopped short of agreeing to a complete 30-day ceasefire.
Investors are closely awaiting official inventory data from the U.S. Energy Information Administration (EIA) later today. Preliminary estimates from the American Petroleum Institute (API) indicated a rise in U.S. crude inventories yesterday evening, contributing to the market caution.
