Baghdad: Oil prices fell by more than one percent per barrel on Thursday, but remained near their highest levels in several months. Brent crude futures decreased by 76 cents, or 1.1 percent, reaching $68.70 a barrel. Similarly, West Texas Intermediate crude saw a decline of 73 cents, or 1.1 percent, settling at $64.41.

According to National Iraqi News Agency, the U.S. Energy Information Administration announced a decrease in U.S. crude oil and distillate inventories as of Wednesday. In contrast, gasoline inventories experienced an increase last week.