International oil prices fell on February 1, reaching the biggest drop in about a month, due to US domestic crude oil inventories rising to the highest level since June 2021.

West Texas Intermediate crude for March delivery fell by US$2.46 to US$76.41/barrel on the New York Mercantile Exchange.

Brent crude for April delivery was down by US$2.62, settling at US$82.84/barrel.