Amid concerns of decreasing demand from Asia and increasing supplies from the United States, oil prices continued their decline.
Brent crude futures dropped by 28 cents to $80.90 per barrel, and US West Texas Intermediate crude fell by 31 cents to $76.35 per barrel, both recording a decline of over 1.5% from the previous session.
According to the US Energy Information Administration, US crude inventories increased by 3.6 million barrels last week, reaching a total of 421.9 million barrels. This is significantly higher than the expected increase of 1.8 million barrels among analysts polled by Reuters.
