Oil prices decline ahead of US inventories data

20/10/2021 Argaam

Oil drliing rigs

Oil prices declined on Wednesday ahead of data on US crude inventories, and as China said it would ensure that coal mines operate at full capacity to help ease power shortage.

 

The international benchmark Brent crude was trading down 0.3% at $84.79 per barrel, at 9.00 am Makkah time.

 

WTI crude fell 0.2% to $82.76 per barrel.

 

China’s National Development and Reform Commission (NDRC) said it would ensure coal mines operate at full capacity and aim to achieve at least 12 million tonnes per day of output.

 

Meanwhile, the American Petroleum Institute data showed that US crude stockpiles rose by 3.3 million barrels for the week ended Oct. 15.

 

Data on US crude inventories from the Energy Information Administration (EIA) is due later today.

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