Brent crude futures fell 33 cents, or 0.4%, to $93.32 a barrel. U.S. crude futures fell 40 cents, or 0.5%, to $87.71 a barrel.
Prices rose more than 1% in the previous session, although Brent hit its lowest level since February.
Futures contracts have fallen in recent months as investors weighed in on economic data that raised concerns about a possible recession that could hurt energy demand.
British consumer price inflation jumped to 10.1% in July, its highest level since February 1982, intensifying pressure on households.
On the supply side, Russia began to gradually increase oil production after sanctions-related restrictions and as Asian buyers increased their purchases, leading Moscow to raise its production and export forecasts. until the end of 2025, according to an Economy Ministry document reviewed by Reuters.
Russia’s revenue from energy exports is expected to rise 38% this year, in part due to higher oil export volumes, the document said, a sign that the country’s supply has not been affected as much as the markets had originally expected.
Saudi Arabia’s crude oil exports rose in June as production hit a more than two-year high, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday.
Meanwhile, the market awaits developments in talks to revive the 2015 nuclear deal between Iran and world powers, which could eventually lead to an increase in Iranian oil exports.
Brent crude futures fell 33 cents, or 0.4%, to $93.32 a barrel. U.S. crude futures fell 40 cents, or 0.5%, to $87.71 a barrel.
Prices rose more than 1% in the previous session, although Brent hit its lowest level since February.
Futures contracts have fallen in recent months as investors weighed in on economic data that raised concerns about a possible recession that could hurt energy demand.
British consumer price inflation jumped to 10.1% in July, its highest level since February 1982, intensifying pressure on households.
On the supply side, Russia began to gradually increase oil production after sanctions-related restrictions and as Asian buyers increased their purchases, leading Moscow to raise its production and export forecasts. until the end of 2025, according to an Economy Ministry document reviewed by Reuters.
Russia’s revenue from energy exports is expected to rise 38% this year, in part due to higher oil export volumes, the document said, a sign that the country’s supply has not been affected as much as the markets had originally expected.
Saudi Arabia’s crude oil exports rose in June as production hit a more than two-year high, data from the Joint Organizations Data Initiative (JODI) showed on Wednesday.
Meanwhile, the market awaits developments in talks to revive the 2015 nuclear deal between Iran and world powers, which could eventually lead to an increase in Iranian oil exports.