Oil prices once again declined in the Asian session today, even after being shown with encouraging US government oil supply data last week.
The Energy Information Administration (EIA) reported U.S. crude oil inventories fell significantly by 6.64 million barrels last week, far better than expected for an increase of 985,000 barrels.
The Brent crude futures benchmark traded gloomy with a 0.6% decline at $ 61.09 a barrel. Brent has risen for the previous nine sessions, the longest rise period since January 2019.
Meanwhile, the benchmark US WTI crude futures fell 0.5% to $ 58.34 a barrel.
The decline may be due to the profit margins of investors after pushing crude oil prices to the latest highs since January 2020.
However, the black commodity remained trading around its 13-month high.
Oil prices have shown an upward trend since last November, after positive news about the Covid-19 vaccine boosted investor expectations to bring about a recovery in demand, as well as supported by OPEC's efforts to cut crude oil production.
