Oil prices fell in the European market on Thursday, to give up the highest level in six weeks, on its way to incurring the first loss in the last five days, due to correction and profit-taking operations, and losses remain limited so far, after a drop that exceeded expectations for crude stocks in the United States.
US crude fell by about 0.4% to the level of $ 72.36, from the opening level at $ 72.63, and recorded the highest level at $ 72.97, and Brent crude fell by more than 0.2% to the level of $ 75.24 a barrel, from the opening level at $ 75.40, and recorded the highest level at $75.86.
When prices settled yesterday, US crude rose by 2.6%, the fourth daily gain in a row, and recorded a six-week high at $73.11 a barrel, and Brent crude rose by 2.1%, and recorded the level of $76.10 a barrel, the highest since last July 29.
Other than corrections and profit taking, oil prices are currently declining, under pressure from the high levels of the US dollar against a basket of global currencies.
The US Energy Agency announced on Wednesday that commercial stocks in the country decreased by about 6.4 million barrels, during the week ending September 10, in the sixth consecutive weekly decline, exceeding experts' expectations of a decrease of about 3.6 million barrels.
According to these data, total commercial stocks in the United States decreased to about 417.48 million barrels, which is the lowest level since the week ending September 6, 2019.
The decline in US inventories to the lowest level in two years, a strong sign of accelerating levels of demand and withdrawals in the largest consumer of fuel in the world.
As for US production, it increased last week by about 100,000 barrels per day, bringing the total production to 10.1 million barrels, an increase less than expected, as producing companies are still suffering severely from the damage caused by Hurricane Ida, which hit the Gulf of Mexico.
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