Oil prices are declining amid rising stocks in the United States

On Wednesday, the oil market saw a decline in prices due to data on the growth of crude oil reserves in the United States. Brent futures fell to $74.50 per barrel. Contracts for American WTI sank to $70.20.

According to market sources, oil reserves in the United States increased by 1.64 million barrels over the past week, exceeding the forecasts of analysts who expected an increase in reserves by 300 thousand barrels.

Despite this decline, the pressure on prices remains relatively moderate. Traders continue to closely monitor the development of the diplomatic situation in the Middle East, where the conflict between Israel and Iran continues, as well as the results of the visit of US Secretary of State Anthony Blinken to Israel.

Analysts note that the strengthening of prices on Tuesday may have been caused by the lack of concrete results from Blinken's visit. During the talks, the Secretary of State called on the Israeli authorities to increase humanitarian assistance to Gaza.

Despite the geopolitical instability, some analysts note that China's efforts to stimulate the economy can help stabilize and increase oil demand.