Oil falls for third day ahead of U.S. stockpile EIA data
Oil prices dropped for a third consecutive day on Wednesday as traders took profits while awaiting U.S. stockpile data due later in the day for hints on price prospects.
Brent crude for May contract fell 0.8%, or 56 cents, at $66.96 per barrel. U.S. West Texas Intermediate crude for April delivery dropped 0.7%, or 45 cents, at $63.56 per barrel.
Prices rose last week after OPEC+ decided to carry out output cuts through April. Brent initially rose above $70 on Monday following Yemeni Houthis’ attack on Saudi’s oil facilities.
Meanwhile, U.S. crude stockpile climbed by 12.8 million barrels in the week ended March 5, contrary to analysts’ expectations for an 800.000-barrel build.
U.S. oil production is expected to drop by 160,000 bpd to 11.15 million bpd in 2021.