Oil Prices Drop More than 2% After Rise in Us Crude Inventories

Oil prices fell for a fourth straight session on Wednesday after U.S. crude inventories rose more than expected, adding to headwinds as investors fret over OPEC+ plans to boost output in April and U.S. tariffs on Canada, China and Mexico.

Brent crude futures fell $1.74, or 2.45%, to settle at $69.30 a barrel.

U.S. crude futures fell $1.95, or 2.86%, to settle at $66.31 a barrel.

Latest Oil Prices:

WTI Crude $66.31  -2.86%

Brent Crude $69.36  -2.36%

Murban Crude $70.09  -1.61%

Louisiana Light $72.92  +0.54%

Bonny Light $78.62  -2.84%

Opec Basket $72.38  -3.47%

Mars US $73.22  -1.56%

Gasoline $2.137  -2.61%

Natural Gas $4.450 +2.30%

Prices pared losses after hitting multi-year lows earlier in the session - Brent fell to $68.33, its lowest since December 2021, while U.S. crude futures touched $65.22, their lowest since May 2023.

Both crudes recovered slightly after U.S. Commerce Department chief Howard Lutnick said U.S. President Donald Trump would make the final decision on whether to grant any tariff relief to certain industries.

The U.S. Energy Information Administration said U.S. crude inventories rose more than expected last week amid seasonal refinery maintenance, dragging prices lower.

U.S. crude inventories rose by 3.6 million barrels to 433.8 million barrels in the week, beating analysts' expectations in a Reuters poll for a 341,000-barrel increase, according to EIA data.