LONDON, March 5, 2025 – Oil prices fell on Wednesday, particularly following the release of data indicating an increase in U.S. weekly stockpiles. The price of North Sea Brent crude for May delivery declined by 3.36%, reaching $68.65, its lowest level since December 2021. In parallel, West Texas Intermediate crude for April delivery dropped by 4% to $65.53.
The decrease in prices was primarily driven by a rise in commercial oil inventories in the United States last week. For the week ending February 28, these reserves increased by 3.6 million barrels, significantly surpassing analysts’ expectations of an 800,000-barrel rise, according to the median of a consensus compiled by Bloomberg.
