Growth in US crude stockpiles press down oil prices

Brent and WTI had stabilized after a fall Monday, but prices are now on the decline.

Photo: Weatherford PR

The price of US WTI crude has decreased to under USD 68 per barrel. An industry report published Tuesday evening shows that US crude stockpiles grew last week, despite that analysts predicted a significant reduction of US oil production, writes both Reuters and Bloomberg News.

Both WTI and Brent had otherwise stabilized after a dive Monday, following headlines about a turbulent week in Venezuelan oil production. Analysts then projected a decline in US crude stockpiles at around 4.1 barrels.

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