Economic news

Oil prices extend decline on U.S. crude supply data

Crude prices dropped on Wednesday, with Brent reatriting below $70 a barrel and U.S. West Texas Intermediate sliding below $65, dragged down by a sharp rise in U.S. crude supplies.

Photo: Reuters

May Brent crude slipped 0.6 percent to $69.69 a barrel. U.S. WTI crude futures dipped 0.8 percent to $64.72 a barrel.

The falls came after fresh figures from the American Petroleum Institute (API), which showed an unexpected 5.3 million barrels increase in crude stocks in the week to March 23, to 430.6 million barrels.

OPEC and Moscow were considering a 10-20 year agreement to cooperate on oil supply curbs, Saudi Crown Prince Mohammed bin Salman told Reuters.

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