WTI crude oil futures fell to $65.37 per barrel on Wednesday, extending losses for a third consecutive session after the US Energy Information Administration reported the largest weekly increase in crude inventories in three years. US crude stockpiles surged by 15.989 million barrels to 435.8 million in the week ended February 20, far exceeding expectations for a 1.5 million-barrel build. Inventories at Cushing, Oklahoma, climbed by 881,000 barrels, distillate stocks also rose, while gasoline inventories declined.
In geopolitical developments, a Hezbollah official stated that the group would not respond to limited US strikes on Iran. Even so, oil prices remain close to seven-month highs as traders assess the upcoming US–Iran nuclear talks in Geneva on Thursday. President Donald Trump has warned that Iran is rebuilding its nuclear program, intensifying speculation over potential US military action.
