Investing.com - Oil prices fell on Friday in Asia, with Brent turned lower after hitting $75 for the first time since October after Europe halted Russian crude imports.
U.S. Crude Oil WTI Futures fell 0.5% to $64.91 by 12:44 AM ET (04:44 GMT), while International Brent Oil Futures dropped 0.2%.
A Reuters report that said Germany, Poland and Slovakia halted imports of Russian oil via a major pipeline due to “poor quality” was cited as a tailwind for Brent, which rose above $75 earlier in the day for the first time since October.
Oil markets took a small hit on Wednesday after data showed that oil inventories stateside surged more than expected last week.
the Energy Information Administration reported on Wednesday that crude inventories in the U.S. rose by 5.5 million barrels last week, about five times more than expected.
Oil prices were boosted this week by news that the U.S. would scrap all sanction waivers for importers of Iranian oil after May 2, heightening concerns about supply in the market.
Year to date, WTI has risen more than 40%, and Brent has gained 38%, largely on output cuts by Saudi Arabia, Russia and other oil producers in the OPEC cartel.
In other news, Saudi Energy Minister Khalid al-Falih said oil production in May was pretty much set and the amount will be similar to the output of the last couple of months.
“Inventories are actually continuing to rise despite what is happening in Venezuela and despite the tightening of sanctions on Iran. I don’t see the need to do anything immediately,” Falih said in Riyadh.