Oil prices turned bearish with the opening of the US market on Thursday, on its way to i
ncurring the second loss in the last three days, due to the easing of fears of oversupply in the
United States, especially after the sudden rise in US inventories, with the return of crude
production to levels before Hurricane Ida.
US crude fell by 1.4% to the level of $ 73.67, from the opening level at $ 74.70, and recorded the
highest level at $ 75.37, and Brent crude fell by 1.8% to the level of $ 76.96 a barrel, from the
opening level at $ 78.36, and recorded the highest level at 78.90 $.
When prices were settled on Wednesday, US crude gained 0.6%, and Brent crude rose by 0.3%, t
he sixth gain in the past seven days, to resume its gains that were halted the previous day within
corrections from high levels.
Yesterday, the US Energy Agency announced that commercial stocks in the country rose by about
4.6 million barrels, during the week ending September 24, in the first weekly increase in two
months, contrary to the expectations of experts, a decrease of about 2.5 million barrels.
As for US production, it increased last week by about 500,000 barrels per day, in the third
consecutive weekly increase, bringing the total production to 11.1 million barrels, thanks to the r
eturn of supplies in the Gulf of Mexico to pre-Hurricane Ida levels.
On behalf of the White House, Jen Psaki, said on Tuesday that the administration of President
"Joe Biden" is in constant contact with OPEC about oil prices, and is discussing all available
ways to address its cost.
These statements renewed concerns about the continued pressure of the US administration on the Organization of Petroleum Exporting Countries "OPEC" and its allies of independent producers,
led by Russia, with the aim of increasing production and curbing prices that impede the recovery of the global economy.
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