Brent crude drops over 2%, closes below $70

Oil drilling rigs

Oil prices deepened losses today, March 5, as investors assessed US inventory data that showed demand declined over the past week. Brent crude futures for May delivery fell 2.45%, or $1.74, to $69.3 a barrel. WTI crude futures for April delivery dropped 2.85%, or $1.95, to $66.31 a barrel.

The Energy Information Administration data revealed that US crude inventories rose by 3.6 million barrels during the week ended Feb. 28, with oil production increasing by about 6,000 barrels to 13.51 million barrels per day.

The administration's weekly report showed that demand for oil—measured by finished products supplied to the market—fell by about 300,000 barrels to 20.5 million barrels per day.