Brent and US crude futures saw further loss by more than $2 on Wednesday, after data from the country’s Energy Information Administration highlighted an increase in national crude oil inventories by nearly 11 million barrels last week.
Brent May crude was down $1.91 at $57.19 a barrel, while US May crude was off $2.30 at $51.68, Reuters reported.
Gains were witnessed for brent crude futures on Tuesday after the US Labour Department released a report that highlighted a surge in job openings in the US in February.
According to the report, job openings in the country increased 3.4% to 5.1 million in February, representing a 14-year high, thereby indicating that the companies are ready to increase their workforce.
On Tuesday, Brent crude increased by 61 cents at $58.73, while US crude increased 94 cents at $53.08 a barrel, according to the news agency.
A partial closure of the Mississippi River following an oil leak also led to gains in Brent futures.
However, with Iranian officials implementing specific requirements to conclude a nuclear deal with six world powers, the price of oil is witnessing a drop.
The country is looking for possible oil ties. Its National Iranian Oil is expected to approach crude buyers in China, including UNIPEC and Zhuhai Zhenrong.