Oil prices decline amid forecasts for higher US inventories

Oil drilling rigs

Oil prices fell on Wednesday, as investors awaited new updates on US tariffs, amid expectations for a rise in crude inventories in the US.

Brent crude futures for September delivery fell by 0.25%, or 16 cents, to $69.99 a barrel, as of 07:57 am KSA time.

WTI crude futures for August delivery also dropped by 0.25%, or 18 cents, to $68.15 a barrel.

According to the US Energy Information Administration (EIA)’s monthly report, the US is expected to produce 13.37 million barrels per day (bpd) this year, compared to last month’s forecast of 13.42 million bpd.

Markets are awaiting the release of the official weekly inventory data from the EIA later today, after estimates from the American Petroleum Institute (API) showed that crude oil inventories increased by around 7.1 million barrels during the week ended July 4.