Mubasher: Oil prices declined by 3% on Wednesday as American crude reached its lowest level in a month.

Crude inventories in the United States rose by 6.5 million barrels last week, according to the data of the Energy Information Administration (EIA).

Meanwhile, American production decreased last week by 300,000 barrels a day.

Nymex futures for November delivery fell by 3% to the level of $69.75 a barrel.