Crude oil prices declined on Thursday and hit their lowest level since December last year after United States President Donald Trump stated that his administration intended to reduce oil prices. Also, the latest US crude inventories report showed that crude oil stockpiles in the country rose by 8.7 million barrels.
West Texas Intermediate (WTI) for deliveries in March dropped to $70.50 per barrel. Brent for May settlement dropped to $73.70 per barrel.