Crude oil fell by 1% on Wednesday after Egypt’s Petroleum Ministry confirmed it found around 8 million barrels in oil reserves in the East Crystal-1 well in the Gulf of Suez. The well will be exploited by the Gulf of Suez Petroleum Company and is expected to produce around 5,000 barrels per day. Meanwhile, the crude oil inventories in the United States reportedly grew by 2.86 million barrels in the week ending January 24.
The West Texas Intermediate for deliveries in March lost 1.04% at 6:04 am ET and sold for $72.97 per barrel, while Brent for March settlements declined by 1.14% a minute later, going for $76.62 per barrel.