Oil prices fell for a fifth straight session on Wednesday, as investors remained concerned about the prospects for fuel demand amid a jump in Covid-19 infections around the world and more supplies coming to the market from major global producers, including the United States.Oil has been under pressure over the past few weeks due to an increase in infections with the mutated Delta strain of the Corona virus around the world. A few countries have reintroduced travel restrictions and air traffic has declined in recent weeks.
Brent contracts ended the trading session as low as 80 cents, or 1.2 percent, to settle at $68.23 a barrel. The global benchmark has lost 11 percent in the past thirteen trading sessions.
US West Texas Intermediate crude contracts fell $1.13, or 1.7 percent, to settle at $65.46 a barrel.
And data from the US Energy Information Administration showed yesterday that crude oil stocks in the United States fell by 3.2 million barrels last week to 435.5 million barrels, the lowest level since January 2020.
But gasoline stocks recorded a modest increase, and demand for motor fuel reached 9.5 million barrels per day, which is only one percent below 2019 levels.
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