The US Energy Information Administration says that crude oil inventories in the United States increased compared to analyst expectations, which led to the decline in the price of oil to its lowest levels.
Oil prices fell today, Thursday, to their lowest level in two weeks, after data showed a sudden jump in US crude stocks, and this came with the increase in cases of “Covid-19” disease in Europe and Russia.
Brent crude futures fell by 1.9% to $ 83 a barrel, at 05:02 GMT, after the price fell by 2.1% in the previous session.
West Texas Intermediate crude fell 1.7% to $81.27 a barrel, its lowest level in two weeks, after falling 2.4% on Wednesday.
And she was Oil prices fellYesterday, Wednesday, after data showed crude stocks increased more than expected, while fuel stocks rose unexpectedly last week in the United States, the world’s largest oil consumer.
Today, the US Energy Information Administration said that crude oil inventories in the United States increased by 4.3 million barrels, compared to the expectations of analysts in a Reuters poll for an increase of 1.9 million barrels.
The economy is likely to have grown at the slowest rate in the United States in about 12 months, from June to September 2021, with high cases of “Covid-19” and with pressures on global supply chains and global shortages of some products.
On the other hand, the emergence of new hotspots of the Corona virus in China, record deaths from the disease and the threat of closure in Russia, in addition to the high infection cases in Western Europe, stopped the rise in oil prices that continued for several weeks.
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