Global Oil Prices Decline

Oil prices fell on Thursday, trimming gains made during the previous session amid concerns over weakening U.S. demand, following government data showing a surprise increase in crude inventories in the world’s largest oil consumer.اضافة اعلان

According to Bloomberg news agency, Brent crude futures dropped by 24 cents, or 0.35%, to $68.87 per barrel after climbing 3% on Wednesday. U.S. West Texas Intermediate (WTI) crude also fell by 24 cents, or 0.36%, to $67.21 per barrel, after a 3.1% gain in the previous session.

The U.S. Energy Information Administration (EIA) reported on Wednesday that domestic crude inventories rose by 3.8 million barrels to 419 million barrels last week, while analysts had expected a drop of 1.8 million barrels.

Gasoline demand also declined to 8.6 million barrels per day, raising concerns over consumption during the peak summer driving season in the United States.

— (Petra)