Oil prices are on a downward trend on Wednesday, February 9, pending the release of weekly data on US reserves.
The price of a barrel of Brent North Sea for delivery in April was down 0.36% to $ 90.45. In New York, the barrel of West Texas Intermediate (WTI) for delivery in March lost 0.46% to $88.95.
The prospect of increased supply from Iran and the US has seemingly pressured the market.
The oil market was catching its breath after a hectic start to the week. A new seven-year high was recorded for Brent this Monday, in addition to the worst session in a month for WTI on Tuesday.
Data from the US Energy Information Agency (EIA) could give the crude market a boost, providing insight into demand to the world’s largest oil producer and consumer.
Analysts estimate that crude reserves rose by 1.5 million barrels last week, according to a consensus report compiled by Bloomberg.
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