International oil prices entered a period of consolidation on Wednesday.
After rising four consecutive trading days since May 8, oil prices reversed course and turned lower.
The decline was triggered by the substantial 7.5% price surge over the past four trading days, coupled with a sharp increase in U.S. oil inventories.
Brent crude, the global benchmark, settled at 66.09 USD per barrel for July delivery, shedding 0.54 USD (0.81%) from the previous close.
Similarly, West Texas Intermediate (WTI), the U.S. benchmark, saw its June contract fall 0.52 USD (0.82%) to end at 63.15 USD per barrel.
From May 7 to May 13, Brent and WTI had climbed 7.21% and 7.75%, respectively.
Meanwhile, the U.S. Energy Information Administration (EIA) announced that U.S. crude inventories rose by 3.454 million barrels in the week ending May 9, defying market expectations of a 2 million barrel decrease.
