New York: Oil prices declined at settlement on Wednesday for the fourth consecutive session due to a larger-than-expected increase in crude oil inventories in the United States and investor concerns regarding OPEC+ production plans and US tariffs on Canada, China, and Mexico.

According to National Iraqi News Agency, Brent crude futures decreased by $1.74, or 2.45 percent, settling at $69.30 per barrel. Meanwhile, US West Texas Intermediate crude saw a decrease of $1.95, or 2.86 percent, closing at $66.31 per barrel.

The US Energy Information Administration reported earlier on Wednesday that crude inventories in the United States rose more than anticipated last week. This rise occurred amid seasonal refinery maintenance, while gasoline and distillate inventories experienced a decline due to increased exports, impacting oil prices.