The price of West Texas Intermediate (WTI) crude oil opened this Wednesday with a decrease of 0.38%, down to $81.33 per barrel, continuing the trend from yesterday.

Futures contracts for WTI for delivery in May were down $0.62 compared to the previous session’s close.

According to the American Petroleum Institute, crude oil inventories in the United States increased by 9.3 million barrels during the week ending March 22.

Today, investors’ attention will be focused on the figures regarding US inventories from the Department of Energy.

Yesterday’s poor performance of crude oil was partly due to several officials from OPEC+ member countries, led by Riyadh and Moscow, stating that there were no plans to change the production cut policy by the summer, leaving the threat of another collective production cut at the minimum for next week’s meeting.

Meanwhile, natural gas futures declined during the Wednesday European session.

On the New York Mercantile Exchange, natural gas futures for May were trading at $1.77 per million British thermal units (MMBtu). As of this report, they were down 0.78%.

They reached an early session low of $1.76 per MMBtu. Natural gas is likely to find support at $1.481 and resistance at $1.786.

The Dollar Index Futures, which tracks the dollar’s trend against the basket of the other six major currencies, increased by 0.04% to trade at $104.04.