Brent crude dips below $82 per barrel amid fluctuating oil prices

Oil prices experienced a downturn on Thursday morning, following a significant surge the previous day triggered by data revealing a reduction in US fuel inventories.

Brent futures for September delivery fell by $0.63 (0.77%) to $81.08 per barrel on the London-based ICE Futures exchange, according to Report, which cites Interfax.

Similarly, WTI futures for September delivery dropped by $0.64 (0.82%) to $76.95 per barrel during electronic trading on the New York Mercantile Exchange (NYMEX).

The US Department of Energy reported on Wednesday that the country's commercial crude oil inventories decreased by 3.74 million barrels last week, reaching 436.48 million barrels—the lowest level since February. This marks the first time since last September that inventories have declined for four consecutive weeks.

Furthermore, US gasoline stocks fell by 5.57 million barrels, while distillate stocks dropped by 2.75 million barrels last week. Analysts polled by Bloomberg had anticipated a 2.84 million barrel decrease in crude oil inventories, a 1 million barrel increase in gasoline stocks, and a 1 million barrel rise in distillate inventories.