Brent crude declines, but holds near $71

25/08/2021 Argaam

Oil rigs

Oil prices edged lower on Wednesday, but Brent crude held near the $71-mark, ahead of US crude inventories data and amid concerns over the spread of COVID-19 Delta variant.

 

The international benchmark Brent crude was trading down 0.2% at $70.92 per barrel, at 9.05 am Makkah time.

 

WTI crude fell 0.2% to $67.40 per barrel.

 

American Petroleum Institute data showed that crude inventories fell 1.6 million barrels in the week ended Aug. 20.

 

Official data from the US Energy Information Administration is due later today.

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