Oil prices decline ahead of economic data release

Oil drilling rigs

Oil prices fell today, Sept. 23, as markets monitored escalating geopolitical tensions in the Middle East and Russia, and anticipated the release of important economic data amid concerns over tariffs that could dampen fuel demand.

Brent crude was trading down 0.55% at $66.20 a barrel, at 08:06 am Makkah time. West Texas Intermediate (WTI) fell 0.55% to $61.94 a barrel.

Preliminary readings of the Purchasing Managers' Index (PMI) for the manufacturing and services sectors are scheduled for release in the Eurozone, the United Kingdom, and the United States, providing an early indication of the performance of these economies and potential fuel demand levels.

The American Petroleum Institute's report on US oil inventories is expected later today, before the official data from the US Energy Information Administration is released on Sept. 24.