Brent slips below $78; WTI crude falls nearly 2%

29/09/2021 Argaam

Oil drilling rigs

Oil prices declined on Wednesday ahead of data on US crude stockpiles and amid renewed global demand concerns.

 

The international benchmark Brent crude was trading down 1.7% at $77.73 per barrel, at 9.00 am Makkah time.

 

WTI crude fell 1.8% to $73.93 per barrel.

 

US crude oil stocks rose by 4.1 million barrels for the week ended Sept. 24, American Petroleum Institute data showed.

 

Official data on US stockpiles is expected later today from US Energy Information Administration (EIA).

 

Meanwhile, some banks forecast that Brent crude will continue to rise through 2021 and in 2022. Goldman Sachs said it expects Brent to reach $90 a barrel by the end of this year, while Barclays raised its forecast for the next year to $77.

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