Oil prices declined on Wednesday after a 4.6% fall the previous day. The drop followed a report from the American Petroleum Institute (API) showing US crude inventories surged by nearly 11 million barrels, far exceeding expectations.

Adding to the pressure, the US Energy Information Administration (EIA) downgraded its 2025 demand forecast, attributing the revision to economic slowdowns in China and North America.

West Texas Intermediate (WTI) for November deliveries plunged 2.19% to sell at $75.48 per barrel at 04:22 am ET. At the same time, Brent for December settlements dropped 2.10%, going for $79.24 a barrel.