Oil prices fell on Wednesday amid optimism for de-escalation in the Middle East and rising crude oil reserves in the United States. In the morning, the price of North Sea Brent crude for December delivery decreased by 0.82% to $75.42. Meanwhile, its American counterpart, West Texas Intermediate (WTI), also for December delivery and beginning its first day of trading, dipped by 0.89% to $71.10.
Calls for calm in the Middle East have contributed to a decline in oil prices, alleviating concerns over potential disruptions to oil supply. Additionally, the American Petroleum Institute (API) reported on Tuesday an increase of approximately 1.6 million barrels in U.S. commercial crude oil inventories from the previous week, along with a nearly 2 million barrels per day reduction in gasoline stocks.
Typically, an increase in crude oil reserves leads to a decrease in oil prices.
