Oil declines ahead of US inventories data

Oil drilling rigs

Oil prices declined on Wednesday, ahead of report on US crude oil and fuel inventories and amid the latest development regarding the global crude demand.

The international benchmark Brent crude was trading down 0.7% at $85.81 per barrel, at 9.00 am Makkah time.

WTI crude fell 0.9% to $83.93 per barrel. The US benchmark settled at a seven-year high, $84.65 a barrel, in the previous session.

Larry Fink, Chief Executive Officer (CEO) of BlackRock, said he expects oil to reach the $100 level.

Crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, according to data from American Petroleum Institute.

Official data from US Energy Information Administration is expected later today.