Oil prices have fallen due to postponing US interest rate reductions and an increase in US crude stockpiles that exceeded forecasts.

Brent crude futures dropped 76 cents to $82.89 per barrel, while West Texas Intermediate futures fell 83 cents to $78.04.

The price declines were attributed to profit-taking, a spike in US crude stocks, and expectations of a settlement on a Gaza truce.

Federal Reserve Governor Michelle Bowman has indicated she is not in a rush to lower US interest rates due to inflation risks.

The January U.S. personal consumption expenditures (PCE) price index is due this Thursday.

OPEC+’s action is expected to tighten the market.