By: Economy Middle east

Oil prices declined on Wednesday morning following reports citing American Petroleum Institute (API) data that indicated a surplus in U.S. crude stockpiles. 

Brent futures contracted by 2.21 percent, settling at $101.13 a barrel by 10:00 am UAE time, while U.S. West Texas Intermediate crude fell 3.41 percent to $92.27.

Market sources, referencing API statistics from Tuesday, noted that U.S. crude inventories expanded by 6.56 million barrels during the week concluding March 13. Regarding supply logistics, Iraq’s oil minister confirmed on Tuesday that the federal government and the Kurdistan Regional Government have finalized a compact to restart oil transfers to Turkey’s Ceyhan terminal starting Wednesday.

Shipments from the Ceyhan port are anticipated to resume at 11 am UAE time  this Wednesday. Meanwhile, Libya’s National Oil Corporation announced early Wednesday that output from the Sharara field was progressively diverted through secondary pipelines after a fire incident, assuring that production levels are stable and no injuries occurred.