February 8, 2023

Oil prices showed a noticeable decline during morning trading today, Wednesday.

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Futures for West Texas Intermediate crude fell 59 cents, or 0.8%, to $74.53 a barrel.

Brent futures fell 62 cents, or 0.8%, to $79.48 a barrel.

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Data from the American Petroleum Institute showed that U.S. crude inventories jumped 14.9 million barrels in the week ended January 6.

At the same time, stocks of distillates, including heating oil and jet fuel, rose by about 1.1 million barrels.

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