Oil Prices Decline on Sudden Rise in U.S. Inventories

Oil prices declined on Thursday following the release of inventory data in the United States, despite continuous hopes for increased government stimulus spending in the U.S.

Crude oil inventories in the United States increased by 2.6 million barrels last week, against market expectations for another decline, according to the weekly report by the American Petroleum Institute (API).

Data by the U.S. Energy Information Administration (EIA) are set to be released on Friday this week.