Doha: Oil prices tumbled on Wednesday, with Brent crude futures falling $1.11, or 1.31%, to $83.62 a barrel, while US West Texas Intermediate (WTI) crude futures shed 81 cents, or 1.02%, to $78.53 a barrel. The drop in prices comes after oil prices had settled about 2% higher on Tuesday, climbing to their highest level in a month.

According to Qatar News Agency, the US Energy Information Administration (EIA) reported a draw of 1.7 million barrels in US crude oil inventories last week, which was smaller than the expected 2.6-million-barrel draw. This smaller-than-anticipated reduction in oil inventories has contributed to the current decrease in oil prices.

The fluctuations in oil prices highlight the ongoing volatility in the energy markets, influenced by various factors including inventory levels and market expectations. The current price movements are closely watched by investors and policymakers as they assess the impact on the global economy.