Brent Below $70 after U.S. Inventories Draw

Oil prices declined on Wednesday after data showed a decline in U.S. crude inventories last week.

Earlier, the U.S. Energy Information Administration (EIA) reported that crude inventories in the United States fell by 400,000 barrels last week.

Meanwhile, gasoline stockpiles declined by 1.4 million barrels and distillate inventories increased by 1.8 million barrels.

Brent crude futures are down by 64 cents or 0.91%, trading at $69.99 a barrel, while the West Texas Intermediate lost 59 cents, or 0.85%, at $67.71 per barrel.