Oil Prices Take a Slight Dip

Crude oil prices experienced a 1% decrease this Wednesday. This shift came shortly after Egypt's Petroleum Ministry announced the discovery of approximately 8 million barrels in oil reserves. The find was made in the East Crystal-1 well, located in the Gulf of Suez.

Exploitation Plans and Production Expectations

The Gulf of Suez Petroleum Company is set to exploit the newly discovered well, with expectations to produce around 5,000 barrels per day. This development comes at a time when the United States reports an increase in crude oil inventories by 2.86 million barrels for the week ending January 24.

Market Reactions

Following the announcement, 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 declined by 1.14%, going for $76.62 per barrel just a minute later.