Oil prices have fallen due to rise in US crude stocks at the key delivery point in Cushing.

Brent crude futures edged down 31 cents at $30.53 per barrel, while the US West Texas Intermediate (WTI) crude futures declined 69 cents and stood at $26.76 per barrel, Reuters reported.

Data released by the Energy Information Administration (EIA) highlighted an increase in crude stocks at the Cushing, Oklahoma, delivery point for US crude futures to 65 million barrels.

"Oil prices have fallen almost 75% since mid-2014."

The news agency reported Goldman Sachs as saying that oil prices are set to remain low until the second half of 2016 due to oversupply together with weak economic data in China.

Iran’s pricing of its heavy crude oil in the market to Asian buyers at a discount of 10 cents per barrel compared with Saudi Arabia indicates that Tehran is willing to offer discounts to regain market share after the lifting of international nuclear sanctions.

As shale producers are producing one million to two million barrels of crude every day, oil prices have fallen almost 75% since mid-2014.

OPEC Secretariat calculations revealed that the price of OPEC basket of 13 crudes stood at $25.93 a barrel on Wednesday, compared with $28.33 on Wednesday.