Oil prices continued to decline, in trading today, Wednesday, and this came despite the drop in crude stocks in the United States during the past week.
By 10:45 Moscow time, US crude futures fell 1.06% to $70.90 a barrel.
While Brent crude futures fell by 0.86% to $74.67 a barrel, thus, global crude contracts fell below $75 a barrel for the first time since March 27.
And yesterday, black gold prices fell by about 5%, recording their lowest level in nearly 5 weeks.
The decline came despite US data showing a decline in the volume of crude inventories in the United States by 3.9 million barrels in the week ending April 28.
The decline comes in light of fears of an economic recession, which will affect global demand for crude.
This article was originally published by RT.