Oil prices remained on their decline with the opening of the US market on Thursday, on its way towards incurring the second loss within the last three days, due to the growing concerns about the oversupply in the United States, after the rise in commercial stocks for the second week in a row, the acceleration of US oil production, and pressures on prices Also, concerns about the continued widespread spread of the Corona virus, especially in Europe and North and South America.
US crude fell by 1.1% to $ 41.11, from the opening level at $ 41.55, and recorded the highest level at $ 41.88, and Brent crude fell by 0.8% to the level of $ 43.80 a barrel, from the opening level at $ 44.15, and reached the highest level at $ 44.56 .
When settling yesterday, US crude achieved a rise of 0.6%, and Brent crude futures rose by 0.8%, in the second gain within the last three days, thanks to the succession of positive news about the candidate vaccines to prevent the Corona virus.
In official data, the US Energy Agency announced yesterday that commercial stocks in the country rose by about 0.8 million barrels during the week ending November 13, the second consecutive weekly increase, and expectations indicated a rise of 1.7 million barrels.
As for US production, it rose last week by about 400 thousand barrels, bringing the total production to 10.9 million barrels per day, after operations returned to normal levels in the Gulf of Mexico after the end of the wave of hurricanes and storms.
The second wave of the Corona virus continues to spread widely in Europe, the United States and Latin America, with new levels of infections not reached by the peak of the first wave, which leads governments to expand closures that negatively affect the levels of fuel demand.
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