WASHINGTON (dpa-AFX) - Crude oil benchmarks declined on Thursday as markets digested reports of talks between the U.S. and Iran scheduled to be held in Oman on Friday.
The downward pressure on prices attributed to the waning risk premium has however been limited by data showing a larger-than-expected level of decline in crude oil inventories in the U.S.
Official data released on Wednesday by the Energy Information Administration showed crude oil inventories in the U.S. falling by 3.5 million barrels during the week ended January 30 versus a draw (revised) of 2.3 million barrels in the previous week. The highest decline in inventories since October also exceeded market expectations that had estimated a 2-million-barrel draw.
Brent Oil Futures for April settlement is currently trading at $68.57, having lost 1.28 percent from the previous close of $69.46. The day's trading ranged between $67.62 and 68.95. The 52-week trading ranged between $58.4 and $79.4.
With the day's decline, Brent has lost 3 percent over the past week but is holding on to gains of close to 13 percent over the past month. Year-to-date gains are at 12.7 percent. However, Brent oil is currently down more than 8 percent from the levels a year ago and down more than 15 percent from the levels three years ago.
West Texas Intermediate (WTI) Crude Oil Futures for March settlement slipped 1.3 percent from the previous close of $65.14 to trade at $64.28. Prices ranged between a high of $64.62 and a low of $63.46 in the day's trading. Trading has ranged between $54.98 and $78.40 over the past 52 weeks.
With weekly loss of 1.8 percent, gains over the past month have decreased to 12.9 percent. Year-to-date gains are at 11.9 percent. Prices are currently more than 9.5 percent below the levels a year ago and close to 14 percent below the levels three years ago.
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