International crude oil futures prices declined, influenced by the recent report showing a larger-than-expected increase in U.S. oil inventories. The ongoing Middle East conflict remains a focal point for the market.
West Texas Intermediate (WTI, Financial) crude oil futures for December delivery fell by $0.97, or 1.35%, settling at $70.77 per barrel. Similarly, Brent crude futures for December delivery dropped by $1.08, or 1.42%, closing at $74.96 per barrel.
This shift comes after two consecutive sessions of gains in oil futures prices. However, last week, both WTI and Brent crude experienced a significant drop, declining more than 7%.
The U.S. Energy Information Administration (EIA) announced that U.S. crude oil inventories increased by 5.5 million barrels for the week ending October 18, reaching a total of 426 million barrels. This rise far surpassed analysts' average expectation of a 270,000-barrel increase.
