Wednesday, prices of oil fell on sudden rise in United States crude inventory. The international benchmark: Brent crude futures settled at $69.75 per barrel, down by 0.5% or 36 cents from their previous settlement; dragging Brent crude futures’ below their $70 per barrel price capped on Monday.
The United States West Texas Intermediate settled at $64.86 per barrel, which was 0.6% or 39 cents lower from their previous close. The fall of oil prices were due to the sudden rise in United States crude inventories, in which according to the API or the American Petroleum Institute on Tuesday: U.S. crude inventories rose by 5.3 million barrels to 430.6 million barrels in the week to March 23, 2018.
In accordance to this, Greg McKenna, chief market strategist at AxiTrader mentioned that they are waiting for the official U.S. inventory data, which will be published on the day by the EIA or Energy Information Administration to indicate whether the recent U.S. inventory rises can be challenged again.