Crude Oil Futures Decline as U.S. Petroleum Stockpiles Surge: Industry Report

On the heels of a recent industry report, crude oil futures experienced a second consecutive day of decline on Wednesday. The West Texas Intermediate contract for May delivery saw a decrease of 41 cents, or 0.5%, bringing the price down to $81.21 per barrel. Similarly, the Brent contract for May delivery dropped by 49 cents, or 0.57%, reaching $85.76 per barrel.

Increased Stockpiles

The decline comes as U.S. petroleum stockpiles saw a significant increase. According to the American Petroleum Institute, U.S. crude stockpiles surged by 9.3 million barrels for the week ending March 22. Official figures on U.S. inventories are set to be released by the Department of Energy at 10:30 a.m., further shaping market sentiment.

Yearly Performance

Despite the recent decline, WTI has seen a 13.3% increase for the year, while Brent has experienced an 11.3% rise, showing a relatively strong performance over the long term.