Oil Prices Decline on Expectations of Rising U.S. Crude Inventories

Oil prices fell on Wednesday as expectations of an increase in U.S. crude inventories outweighed the impact of a temporary production halt at two major oil fields in Kazakhstan, amid geopolitical pressures stemming from U.S. threats to impose tariffs in a bid to gain control of Greenland.

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Brent crude futures fell by 79 cents, or 1.22%, to $64.13 a barrel by 02:01 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped by 64 cents, or 1.06%, to $59.72 a barrel.

Both contracts had risen by about $1 per barrel, or 1.5%, at settlement in the previous session after Kazakhstan halted production at the Tengiz and Korolev fields on Sunday due to power distribution problems. Prices were also supported by strong economic data from China.

Reuters