Prices of the light American crude contracts for February's delivery decreased by 0.54 percent, reaching USD 56.81 per barrel on Wednesday, compared to Tuesday's rates.
Meanwhile, prices of Brent contracts for February delivery decreased by 0.39 percent, reaching USD 61.45 per barrel. The price difference between the light American crude and Brent was recorded at USD 4.64.
The drop in oil prices in Asia today was due to oil glut in markets. However, Tuesday's session saw a rise in prices caused by a rise in the US dollar exchange rate to its highest point in nine years, especially with the release of reports indicating that the US economy is growing at the fastest rate in 11 years.