Oil prices fell to their lowest level in two weeks after official data showed a sudden jump in US crude stocks, and with the increase in Corona injuries, in Europe and Russia, and the emergence of some foci in China, which dampened hopes of economic recovery.
Brent crude futures fell $1.58, or 1.9%, to $83 a barrel, and US West Texas Intermediate crude contracts fell $1.39, or 1.7%, to $81.27 a barrel, the lowest price in two weeks.The emergence of new hotbeds of corona in China, record deaths, the threat of closure in Russia, and the rise in injuries in Western Europe, halted the weeks of high oil prices.
In the United States, the economy is likely to grow at the slowest rate in about 12 months, last June and September, with the increase in Corona injuries, pressures on global supply chains and a global shortage of products, including cars.
The US Energy Information Administration said that crude oil inventories in the United States increased by 4.3 million barrels, compared to analysts’ expectations for an increase of 1.9 million barrels.
“The increase in stocks came after a jump in net crude imports and the continued slowdown of refineries,” Citi Research said in a note, but gasoline stocks fell by two million barrels to their lowest levels in nearly four years, although American consumers struggled to obtain fuel with the rise the prices.
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