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Oil prices declined on Wednesday amid widespread selling in global financial markets, highlighting concerns about economic growth and fuel demand. These worries were exacerbated by a rising dollar and reports of increasing crude inventories in the United States.
As a result, Brent crude futures fell by 36 cents, or 0.56%, to $64.08 a barrel.
Similarly, West Texas Intermediate crude futures decreased by 40 cents, or 0.66%, to $60.16, continuing the losses the two benchmarks have experienced since Tuesday.
Crude prices also faced pressure following a rise in U.S. crude inventories, which increased by 6.52 million barrels for the week ending October 31.
