Oil declines, Brent remains above $88 per barrel

Oil drilling rigs

Oil prices rose settled lower on Wednesday following official data from the Energy Information Administration (EIA) and amidst market concerns about the prolonged high interest rates.

Brent crude dropped by 0.5% to $88.02 a barrel, while West Texas Intermediate (WTI) crude eased 0.7% to $82.81 a barrel.

According to EIA, crude oil stocks declined by 6.4 million barrels during the week ended April 19, against expectations of a 1.6 million barrel increase.