WTI oil prices fell below $72 after the U.S. revealed a rise in crude stockpiles.

West Texas Intermediate (WTI) crude oil prices for February delivery. A barrel fell 87 cents to $71.37. Presented in Brent Seaside, North London in March. A barrel fell 79 cents to $76.80.

U.S. crude oil inventories rose by 1.3 million barrels last week, according to the U.S. Energy Information Administration (EIA). Analysts had expected a decline of 675,000 barrels.

WTI oil prices rose more than 1%, breaking above $73 in the first session. Meanwhile, investors are monitoring the violent situation in the Red Sea. This may affect the oil exports of Middle East countries.

Houthi rebels intensified attacks on ships passing through the Red Sea yesterday. It is said to be in response to Israel's military operations against Palestinians in the Gaza Strip. He also warned that all ships bound for Israel would be attacked. As an expression of support for Palestine

The continued shutdown of Libya's Sharara oil field also supported oil prices. It is one of the largest oil fields in the country and has a production capacity of up to 300,000 barrels per day due to problems with labor strikes.

Additionally, oil prices received a positive factor from the weakness of the dollar. This increases the attractiveness of the deal. This makes oil contracts cheaper for holders of other currencies.

The West Texas crude contract for intermediate or light sweet scraps for February delivery fell 87 cents to $71.37 a barrel. On the Brent side, March delivery north of London was down 79 cents at $76.80 a barrel.

Houthi rebels intensified attacks on ships passing through the Red Sea yesterday. It is said to be in response to Israel's military operations against Palestinians in the Gaza Strip. He also warned that all ships bound for Israel would be attacked. As an expression of support for Palestine

The continued shutdown of Libya's Sharara oil field also supported oil prices. It is the country's largest oil well and has a production capacity of up to 300,000 barrels per day due to problems with labor strikes.

Additionally, oil prices received a positive factor from the weakness of the dollar. This increases the attractiveness of the deal. This makes oil contracts cheaper for holders of other currencies.