Oil falls ahead of US inventory data

02:32 PM (Mecca time) Argaam
Oil drilling rigs

Oil drilling rigs

Oil prices fell today, Nov. 19, as the market awaited the release of US crude inventory data, although the price decline was limited due to sanctions on Russian oil flows.

 

Brent crude was trading down 0.25% at $64.73 a barrel, at 09:05 am Makkah time. West Texas Intermediate (WTI) slipped 0.25% to $60.60 a barrel.

 

In October, the United States imposed sanctions on Russian oil companies Lukoil and Rosneft. The US sanctions set a deadline of Nov. 21 for companies to end their dealings with the two companies, Reuters reported.

 

Estimates from the American Petroleum Institute showed that crude oil inventories in the US rose by about 4.4 million barrels during the week ended Nov. 14, and official data due today is expected to show a decline in crude oil inventories.

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