The global oil prices dropped on Thursday morning, Report informs, citing the auction data.
Investors assess the weekly statistics on crude inventories and production in the United States, as well as the results of the Fed’s session.
As at 08.38, the prices of May futures for Brent oil dropped by 0.82%, to $76.06 per barrel, the May futures for WTI fell by 1.03% to $70.17.
Earlier, the US Department of Energy reported that commercial stocks in the US for the week to March 17 unexpectedly rose by 1.1 million barrels, or 0.2%, to 481.2 million barrels. Analysts had forecast a 1.6 million barrel decline in inventories. This is while, oil output grew by 100,000 barrels per day, to 12.3 million barrels per day.