Brent falls 1% ahead of US stockpiles data

Oil drilling rigs

Oil prices fell on Wednesday ahead of report on US crude oil inventories.

The international benchmark Brent crude was trading down 1% at $81.61 per barrel (bbl), at 9.00 am Makkah time.

WTI crude fell 0.9% to $80.04/bbl.

Data from the American Petroleum Institute industry group showed that US oil inventories rose by 655,000 barrels in the week ended Nov. 12.

Meanwhile, gasoline stocks fell by 2.8 million barrels in the same week, sparking concerns that the Biden administration may consider releasing oil from emergency reserves.

However, Stephen Nalley, Acting Administrator at the US Energy Information Administration (EIA), expected that the move to withdraw from the strategic oil reserve would have a short-term impact on the crude markets.

The EIA report on US crude stockpiles is expected later today.