Oil prices edge lower on US statistics

Oil prices slipped slightly after the publication of US Department of Energy data on domestic oil inventories, which rose over the week contrary to expectations, as well as amid a broader decline in commodity prices following precious metals, which are correcting after reaching record highs.

According to Report, this is evidenced by trading data. The price of March futures for Brent crude fell by 0.03% from the previous close to $61.47 per barrel, while February futures for WTI declined by 0.03% to $58.06.

Investors are assessing statistics released earlier on Tuesday by the US Energy Information Administration. For the week ending December 19, crude oil inventories increased by 0.4 million barrels, or 0.1%, to 424.8 million barrels.