Oil prices decline amid rising crude inventories in US

Oil prices continued to decline on Wednesday after a report from the American Petroleum Institute (API) revealed a 4.6 million barrel increase in US inventories. However, reserves at the key hub in Cushing decreased, according to Bloomberg.

Meanwhile, market participants remain focused on geopolitical challenges. Escalating tensions in the Middle East and Eastern Europe are heightening investors' concerns about the future trajectory of oil prices.

Traders are also awaiting the results of the Federal Reserve System meeting. Additionally, experts surveyed by Bloomberg anticipate comments from Fed Chair Jerome Powell regarding the regulator's next steps amid the uncertainty surrounding the US President's trade policies.

Oil prices remain well below their January peak, as several bearish factors are weighing on the market. These include increased energy supply from OPEC+ and lower oil consumption in China. Additionally, trade tensions between the US and its major trading partners pose a threat to oil demand.