Drop in Brent crude oil price per barrel
A barrel of Brent crude oil is trading at $82.62 in international markets.
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After rising to as high as $83.82 yesterday, the price per barrel of Brent crude oil closed the day at $83.16. As of 09:37, the price per barrel of Brent crude oil was $82.62, a 0.65 percent decrease from the closing price. At the same time, a barrel of West Texas Intermediate (WTI) crude oil was finding buyers at $77.88.
Concerns over demand in the U.S., the world's largest oil consumer, were influential in the decline in prices.
The American Petroleum Institute projected that U.S. commercial crude oil inventories increased by 509 thousand barrels last week compared to the previous week, contrary to expectations. Market expectations were for a decrease of 1 million 430 thousand barrels in inventories.