Crude Oil Prices Dip Following Egypt's Oil Reserves Announcement

Crude oil prices experienced a 1% decline on Wednesday, following the announcement by Egypt's Petroleum Ministry regarding the discovery of approximately 8 million barrels in oil reserves. This significant find was made in the East Crystal-1 well, located in the Gulf of Suez. The Gulf of Suez Petroleum Company is set to exploit this well, with expectations to produce around 5,000 barrels per day.

US Crude Oil Inventories Report an Increase

In related news, the United States has reported an increase in crude oil inventories. For the week ending January 24, inventories grew by 2.86 million barrels, according to recent reports.

Market Reaction to the News

The West Texas Intermediate for March deliveries saw a 1.04% decrease, selling for $72.97 per barrel at 6:04 am ET. Similarly, Brent for March settlements experienced a 1.14% decline, trading at $76.62 per barrel a minute later.