Oil prices are declining due to US inventories

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Oil prices are declining due to US inventories

After finishing trading with a modest uptick yesterday, Tuesday, the price of Brent crude dropped below $78 per barrel around 02:15 GMT today, Wednesday. Meanwhile, the price of West Texas Intermediate crude approached $72.

The Organization of the Petroleum Exporting Countries will release its monthly market assessment later on Wednesday.

Approximations for domestic crude stockpiles are released by an American industrial organization.