Global crude oil prices declined today as investors assessed prospects for weaker ‌global demand this year and higher US crude stocks. Brent crude was trading 1.8 per cent down at 87 US dollars and 41 cents per barrel in intra-day trade. West Texas Intermediate crude was trading 1.9 per cent down at 81 US dollars and 65 cents per barrel, when reports last came in.

Meanwhile, the US commercial crude oil inventories increased by 17.4 million barrels to 424.4 million barrels in the week ended on 7th of August, according to data released by the Energy Information Administration. This marked the biggest weekly increase in oil inventories since January 2023.