Oil drops over 2%, Brent slips below $75

Oil drilling rigs

Oil prices deepened losses today, Feb. 5, as investors weighed US inventory data that showed rising production as demand slumped over the past week. Brent crude futures for April delivery fell 2.1%, or $1.59, to $74.61 a barrel. US West Texas Intermediate crude futures for March delivery fell 2.3%, or $1.67, to $71.03 a barrel.

The Energy Information Administration data showed that US crude inventories rose by 8.7 million barrels during the week to Jan. 31, with oil production increasing by about 238,000 barrels to 13.48 million barrels per day. The weekly report showed that oil demand — measured by finished products supplied to the market — decreased by 12,000 barrels to about 21 million barrels per day.