Oil prices decline; WTI crude falls 2.5%

Oil prices declined nearly 2% on Thursday after latest data showed a rise in US crude inventories and as Russia offered support to ease natural gas crisis.

The international benchmark Brent crude was trading down 1.7% at $79.69 per barrel, at 11.35 am Makkah time.

WTI crude fell 2.6% to $75.45 per barrel. The US benchmark also lost 2% in the previous session.

Russia’s President Vladimir Putin said record quantities of natural gas could be exported to Europe this year, as the continent faces an energy crisis.

Oil prices rose this week to their highest levels since 2014, as the energy crisis from Europe to Asia enhanced the possibility of an increase in demand for crude and oil products before winter.

In addition, OPEC+ announced its commitment to the agreement to increase production by 400,000 barrels per day, each month until at least April 2022.