Oil prices fell to their lowest level in two weeks


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.





These were the details of the news Oil prices fell to their lowest level in two weeks for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV MBC-backed Al Arabia more than doubles profit to $17m on strong client base
NEXT Sustainable beauty: Capturing a rising demand for conscious living

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]