Oil prices fell on Wednesday following data from the American Petroleum Institute (API), which showed a strong increase in US crude inventories last week, Report reports via Interfax.

According to API estimates, oil reserves in the United States increased for the fourth week in a row – by 8.428 million barrels.

Official data on US oil and petroleum product inventories will be published on Wednesday evening.

The price of April futures for Brent oil on the London ICE Futures exchange amounted to $83.28 per barrel, which is $0.37 (0.44%) lower than at the close of previous trading.

On Tuesday, these contracts rose by $1.12 (1.4%) to $83.65 per barrel.

WTI futures for April in e-trading on the New York Mercantile Exchange (NYMEX) fell in price by $0.3 (0.38%) to $78.57 per barrel.

Based on the results of previous trading, the cost of these contracts increased by $1.29 (1.7%) to $78.87 per barrel.

Traders continue to evaluate supply and demand signals in the market, as well as the situation in the Middle East.

Earlier this week, US President Joe Biden expressed hope that Israel and Hamas, who are negotiating a ceasefire in the Gaza Strip and the release of Israeli hostages, could reach an agreement by March 4. However, the Qatari Foreign Ministry said on Tuesday that the parties had not yet agreed on any of the main issues.