WTI, Brent Prices Drop 

Oil prices extend losses on Wednesday as a much bigger-than-expected surge in the US crude inventories and expectations of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession.
Brent crude futures slid 72 cents, or 0.8%, to $84.86 per barrel, while US West Texas Intermediate crude futures shed 68 cents, or 0.9% to $78.38, Reuters reported.
US crude inventories rose by about 10.5 million barrels in the week ended Feb. 10, according to market sources citing American Petroleum Institute figures on Tuesday.
“The global oil and gas industry's profits in 2022 jumped to some $4 trillion from an average of $1.5 trillion in recent years,” the head of the International Energy Agency, Fatih Birol, said on Tuesday.
Despite those profits, countries depending on oil and gas revenue should prepare to reduce their reliance on petroleum as demand is going to fall in the longer term, Birol told a conference in Oslo while speaking via video link.
"Especially the countries in the Middle East have to diversify their economies. In my view, the COP28 [climate summit] could be an excellent milestone to change the destiny of the Middle East countries," Birol said.