Oil declines ahead of US inventories report; Brent below $100

Oil drilling rigs

Oil prices declined today, Aug. 24, after a report showed an additional decline in US crude stockpiles, which affects supply outlook.

International benchmark Brent crude was trading down 0.51% at $99.71 per barrel, at 9:02 am Makkah time.

West Texas Intermediate (WTI) crude fell 0.38% to $93.38 a barrel.

The American Petroleum Institute estimates showed that US crude inventories fell by 5.63 million barrels in the week ended Aug. 19. The official data from the Energy Information Administration is scheduled to be released later today.

The investors are also tracking the talks in the revival of the nuclear agreement with Iran, which could lead to an increase in exports from the country, along with concerns about a stagnation of the global economy, high inflation and weak demand.