The decline in oil prices accelerated, Wednesday, as the price of oil in major international markets fell by more than 12%, according to Agence France-Presse.
The price of Brent oil fell by 12.4% to 112.15 dollars per barrel; While the price of the main US West Texas Intermediate oil fell 11.4% to $ 109.59 a barrel.
The decline in oil prices coincided with the statements of the Iraqi government regarding the increase in oil production.
The US Energy Information Administration had indicated that stocks of crude, gasoline and distillates in the United States fell last week.
On the other hand, traders told Archyde.com that losses in oil futures contracts increased after Iraq said that it could raise production if requested by OPEC.
The price of Brent oil fell 12.4% to $112.15 a barrel at 18:49 GMT.
Meanwhile, the price of the main US West Texas Intermediate oil fell 11.4 percent to 109.59 dollars a barrel.
US stock down
The US Energy Information Administration said on Wednesday that US crude, gasoline and distillate inventories fell last week.
Crude stocks fell 1.9 million barrels in the week ending March 4 to 411.6 million barrels, compared to expectations of analysts polled by Archyde.com for a decline of 657,000 barrels.
Crude stocks at the delivery center in Cushing, Oklahoma, fell 585,000 barrels last week, the government agency said.
Refineries consumption of crude decreased by 21,000 barrels per day last week, and operating rates rose by 1.6 percentage points.
Data from the Energy Information Administration showed that US gasoline stocks fell by 1.4 million barrels over the past week to 244.6 million barrels, compared to expectations for a decrease of 2.1 million barrels.
And distillate stocks, which include diesel and heating oil, fell 5.2 million barrels per week to 113.9 million barrels, against expectations for a decline of 1.9 million barrels.
The Energy Information Administration said net US imports of crude last week rose 1.93 million barrels per day.
On the other hand, British Foreign Secretary Liz Truss called on all G7 countries to ban Russian oil imports, and said that major economic powers should “go further and go faster” in punishing Moscow and Russian President Vladimir Putin for invading Ukraine.
“We have to double our sanctions,” Trace said at a joint news conference with her US counterpart, Anthony Blinken, at the State Department in Washington. Including… putting an end to the use of Russian oil and gas by the G7,” and excluding Russian banks from SWIFT’s system of fast and secure banking communication.
“Putin must fail,” she added, calling for continued pressure.