Oil prices experienced a decline of approximately 1% on a recent trading day, marking the end of a three-day upward trend.

The decrease was attributed to a reported increase in U.S. crude oil inventories and statements from Jerome Powell, the Chairman of the Federal Reserve, which suggested a tendency towards maintaining higher interest rates in the near term, hinting at a slowdown in the pace of interest rate cuts this year.

During the trading session, Brent crude futures fell by 67 cents, or 0.87%, closing at $76.33 per barrel.

Meanwhile, West Texas Intermediate (WTI) crude futures dropped by 75 cents, or 1.02%, to $72.57 per barrel.

Market participants are closely monitoring inventory levels as the U.S. Energy Information Administration (EIA) reported an unexpected increase in crude stockpiles, contributing to the pressure on prices.

The broader market dynamics are also influenced by global economic indicators and geopolitical developments impacting oil supply and demand.

As traders assess these factors, oil prices remain volatile, reflecting both domestic inventory trends and international economic signals.