Doha: Oil prices recorded a slight decline at settlement Thursday. Brent crude futures fell 31 cents, or 0.45 percent, to settle at $68.80 per barrel. US West Texas Intermediate (WTI) crude futures fell 45 cents, or 0.67 percent, to settle at $67 per barrel.
According to Qatar News Agency, the US Energy Information Administration announced last Wednesday that domestic crude inventories rose by 3.8 million barrels, reaching 419 million barrels last week. The increase in inventory levels has contributed to the downward pressure on oil prices, as higher stockpiles can indicate lower demand or increased supply in the market.