Oil prices continue to decline on September 26 morning after a significant drop during the September 25 session, despite data showing a sharp reduction in US inventories, Report informs referring to Interfax.

November futures for Brent crude fell by $0.52 (0.71%) to $72.94 per barrel on the London ICE Futures exchange. November WTI futures decreased by $0.51 (0.73%) to $69.18 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).

The US Department of Energy reported that commercial oil inventories in the country decreased by 4.47 million barrels last week to 413.04 million barrels. Gasoline inventories fell by 1.54 million barrels to 220.08 million barrels.

Commercial distillate stocks decreased by 2.23 million barrels to 122.92 million barrels. Experts expected a decrease in oil inventories by 1.43 million barrels, an increase in gasoline inventories by 200,000 barrels, and a drop in distillate stocks by 1.19 million barrels.

Reserves at the Cushing terminal, where NYMEX-traded oil is stored, increased by 116,000 barrels after a decrease of 1.979 million barrels a week earlier. Oil imports to the US increased by 826,000 barrels after a reduction of 1.829 million barrels in the previous week.