Oil Sees Worst Losses in 10 Months

Oil prices declined on Tuesday, amid increases selling pressures, to end the month with the worst losses since last October.

Brent futures for October delivery finished lower by 42 cents or 0.57% at $72.99 per barrel.

For the month, Brent futures lost $3.34 per barrel or 4.38% in its worst losses in a single month since October 2020.

WTI futures dropped by 71 cents or 1.03% to finish at $68.50 a barrel.

On the monthly basis, the U.S. benchmark lost $5.45 per barrel or 7.37%, the worst losses since the beginning of the pandemic in March 2020 in dollar terms, and the highest in percentage since last October.

The losses also end a rising trend that lasted for four consecutive months for both contracts.

The American Petroleum Institute (API) expects that crude inventories in the United States Dropped by nearly 4 million barrels last week.

Gasoline stockpiles increased by 2.7 million barrels, while distillate supplies declined by about 2 million barrels.