Oil prices fall more than 2 % at settlement

Oil futures fell by more than 2 % at settlement on Wednesday, affected by a decline in crude oil inventories in the United States. Brent crude futures fell by $1.71, or 2.27 %, to $73.46 a barrel at settlement. US West Texas Intermediate crude futures fell by $1.87, or 2.61 %, to $69.69 a barrel at settlement. The US Energy Information Administration announced on Wednesday that crude oil inventories in the United States fell more than expected last week. In a statement today, it said that crude oil inventories fell by 4.5 million barrels during the week ending September 20, after falling by 1.6 million barrels in the previous week, while expectations were for inventories to fall by 1.2 million barrels last week. It is worth noting that the Organization of the Petroleum Exporting Countries (OPEC) raised its expectations for global oil demand in its annual report in the medium and long term, pointing to growth led by India, Africa and the Middle East and a slow shift towards electric vehicles and clean fu els. Source: National Iraqi News Agency