The prices of oil futures declined on Wednesday with the American Petroleum Insitute's report on stocks in the United States and the discussions about alternative routes for transport that would replace the Red Sea in focus.
West Texas Intermediate (WTI) for February's settlements dropped by 1.28% at 4:31 am ET to sell for $69.54 per barrel. At that minute, Brent for March's deliveries decreased by 1.15% to go for $75.06 per barrel.
