Oil prices turned lower with the opening of the American market on Thursday, to resume its losses after two days of recovery operations from the lowest level in three weeks. In the United States, gasoline stocks fell to their lowest level this year, in a sign of accelerating domestic demand in the world's largest fuel consumer.
US crude fell by 0.9% to the level of $ 68.71, from the opening level at $ 69.33, and recorded the highest level at $ 69.60, and Brent crude fell by 0.75% to the level of $ 71.02 a barrel, from the opening level at $ 71.56, and recorded the highest level at 71.88 $.
When settling yesterday, US crude rose by 1.3%, and Brent crude rose by 1.1%, in the second consecutive daily gain, thanks to the recovery processes from the lowest level in three weeks.
On Wednesday, the administration of US President Joe Biden urged the OPEC Plus alliance to increase oil production to counter the rise in gasoline prices, and took advantage of this to ensure the safety of the global economic recovery.
The US Energy Agency announced on Wednesday that commercial stocks in the country decreased by about 0.4 million barrels, during the week ending August 6, in the second weekly drop in the past three weeks, while experts expected a decrease of about 0.8 million barrels.
Gasoline stocks fell for the fifth consecutive week, recording the lowest level since November 2020, in a positive sign of the strength of demand and withdrawal levels in the largest fuel consumer in the world.
As for American production, it rose last week by about 100,000 barrels, bringing the total production to 11.3 million barrels, and the United States is the largest oil producer in the world.
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