Oil prices drop ahead of US stockpiles data release

23/09/2020 Argaam

Oil prices were declined on Wednesday after data from an industry group showed an increase in US crude inventories and amid fears of rise in coronavirus cases.

 

The death toll from COVID-19 has crossed 200,000 in the US, while cases are also on the rise in France and Spain. Britain, meanwhile, has announced new restrictions to contain the high infection rate.

 

Brent crude was trading down 0.5% at $41.50 a barrel, at 8.50 Makkah time.

 

Meanwhile, US West Texas Intermediate (WTI) crude futures fell 0.8% to $39.48 a barrel.

 

US crude oil inventories rose by 691,000 barrels in the week to Sept. 18, according to America Petroleum Institute data.

 

Official US statistics on weekly change in inventories by Energy Information Administration will be released later today.

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