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Crude for March delivery slipped at a month -low after falling from $ 1.67 or 2.3 percent to $ 71.03 per barrel at a one -low of $ 0.42 or 0.6 percent $ 70.61 per barrel during Wednesday’s session.
Some early strengths were seen in oil prices, but came under pressure as President Donald Trump reiterated his vow to increase American oil production in an attempt to reduce prices.
The value of the US dollar also leads to weight on oil prices, as well as yesterday’s report as well as a sharp increase by American crude oil inventions in the week ended 31 January.
The report said that there was an increase of 8.7 million barrels in crude oil inventions last week after growing from 3.5 million barrels in the last week. Economists expected to jump crude oil inventions from 3.2 million barrels.
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