Oil prices recorded a decline on Wednesday as expectations of increased U.S. crude inventories overshadowed the impact of a temporary production halt in two major fields in Kazakhstan. This comes amid geopolitical pressures from U.S. threats to impose tariffs to exert control over Greenland.
Brent crude futures fell by 79 cents, or 1.22 percent, to $64.13 a barrel by 02:01 GMT.
Meanwhile, West Texas Intermediate crude contracts dropped by 64 cents, or 1.06 percent, to $59.72 a barrel. Both contracts had risen by about a dollar per barrel, or 1.5 percent, during the previous session after Kazakhstan halted production in the Tengiz and Korolev fields on Sunday due to power distribution issues.
