Oil prices fall on US inventories data

Oil prices fell on March 27 following data from the American Petroleum Institute (API), which showed a significant increase in US inventories, Report informs referring to Interfax.

The cost of May futures for Brent on the London ICE Futures exchange amounted to $85.54 per barrel.

This is $0.71 (0.82%) lower than the previous close.

On March 26, these contracts fell by $0.5 (0.6%) to $86.25 per barrel.

WTI oil futures for May in electronic trading on the New York Mercantile Exchange (NYMEX) fell in price by $0.61 (0.75%) to $81.01 per barrel.

According to the results of previous trading, the cost of these contracts decreased by $0.33 (0.4%) to $81.62 per barrel.

According to API estimates, oil inventories in the US increased by 9.337 million barrels in the week ending March 22, the largest increase since mid-February 2023.