Benchmark crude prices have declined during trading due to a significant increase in US petroleum product stocks.
Data from the American Petroleum Institute showed a decline in US oil stocks last week.
On Tuesday, oil prices decreased amid concerns about the volatility of oil demand after the release of data on the fall in China's imports.
On Wednesday, oil prices were supported by data from the US Department of Energy, which showed a decrease in oil stocks in the country.
By the end of last week, Brent price decreased by 3.3%, WTI – 2.7%.
Rising COVID-19 incidence and new lockdowns are putting pressure on prices.