Oil prices are declining due to increased American stocks and tightening monetary policy

Oil prices fell today, Wednesday, by 1%, ending three days, after increasing US stocks and statements to the President of the Federal Reserve, Jerome Powell, indicated a slowdown in the pace of interest rates this year.

Brent crude futures decreased by 67 cents or 0.87%, to $ 76.33 a barrel, while US West Texas Intermediate crude futures fell 75 cents or 1.02%, to $ 72.57 a barrel.

The decline came after gains of 3.6% for Brent crude and 3.7% for American crude over the past three days.

In a related context, the US Petroleum Institute data reported that crude stocks in the United States increased by 9.4 million barrels during the week ending February 7, while gasoline stocks decreased by 2.51 million barrels, and distrust products decreased by 590 thousand barrels.