Oil prices drop on increased US stockpiles

Oil prices declined on Wednesday, with data indicating lower demand in the US, the world's biggest oil consumer, outweighing supply concerns from tension in the Middle East.

International benchmark Brent crude traded at $89.72 per barrel at 0811GMT, a 0.33% fall from the closing price of $90.02 per barrel in the previous trading session.

US benchmark West Texas Intermediate (WTI) traded at $85.02 per barrel at the same time, a 0.40% drop from the previous session that closed at $85.36 per barrel.

Prices declined during early Asian trade following the release of data reflecting bearish demand in the US. Uncertainty over when the US Federal Reserve will start interest rate cuts continues to influence oil prices.