New York: US West Texas Intermediate (WTI) crude futures experienced a decline of more than $1 in early trading on Thursday, prompted by an unforeseen rise in US oil inventories that has sparked concerns about potential oversupply. The price per barrel saw a reduction of approximately $1.21, or 1.9%, settling at $61.94, following a 0.8% decrease observed in the previous session. Brent crude also dropped, reaching $65.09 per barrel.

According to National Iraqi News Agency, data from the US Energy Information Administration indicated that US crude inventories increased by 3.5 million barrels, totaling around 442 million barrels for the week ending May 9. Meanwhile, the American Petroleum Institute reported an even larger inventory rise of 4.3 million barrels during the same timeframe.