2025-01-29T19:29:33+00:00
Oil prices experienced a decline on Wednesday evening, with U.S. crude oil dropping nearly one percent after data indicated a larger-than-expected increase in crude stocks in the United States, the leading oil producer and consumer globally.
Brent crude futures fell by 43 cents, or 0.6 percent, settling at $77.06 per barrel as of 1714 GMT. Meanwhile, U.S. West Texas Intermediate crude futures decreased by 64 cents, or 0.9 percent, to reach $73.13 per barrel.
The U.S. Energy Information Administration reported a rise in crude oil stocks of 3.46 million barrels for the previous week, marking the third consecutive week of reduced refinery activity.
Market participants are also closely monitoring the upcoming Joint Ministerial Monitoring Committee meeting for OPEC+ scheduled on February 3. This group, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allied nations, including Russia, is planning to increase production starting in April.
Concerns regarding potential oil supply disruptions subsided following a statement from the National Oil Corporation in Libya, which confirmed the continuation of operations across all oil fields and ports after negotiations with protesters over demonstrations at the Sidra and Ras Lanuf ports.