Oil Prices Continue to Decline

On Wednesday, oil futures experienced a significant drop, decreasing by 3%. This decline was reported following the United States Energy Information Administration's (EIA) announcement of a 3.6 million barrel increase in commercial crude oil inventories.

Impact of Global Economic Worries

Concerns over the global economic outlook, exacerbated by ongoing tariff wars, have also likely influenced the downturn in oil prices. Additionally, a Reuters survey indicated that the Organization of Petroleum Exporting Countries (OPEC) increased its oil production in February, with no indication of halting its plans to boost output starting in April.

Market Reaction

By 10:42 am ET, West Texas Intermediate for April deliveries had fallen by 3.05%, trading at $65.75 per barrel. Shortly after, Brent for May settlements saw a 3.03% decrease, selling at $68.85 a barrel.