Oil price decreased amid growing stocks of petroleum products in the United States

Benchmark crude prices have declined during trading due to a significant increase in US petroleum product stocks.

Brent price went up to nearly two-year high

Data from the American Petroleum Institute showed a decline in US oil stocks last week.

Brent price went down to $70.96 per barrel

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.

Brent price went down to $68.47

On Wednesday, oil prices were supported by data from the US Department of Energy, which showed a decrease in oil stocks in the country.

Oil prices went up after decreasing last week

By the end of last week, Brent price decreased by 3.3%, WTI – 2.7%.

Brent fell to $63.09 per barrel

Rising COVID-19 incidence and new lockdowns are putting pressure on prices.