Oil prices continued to decline with the opening of the American market on Thursday, to drop from the highest level in several years recorded earlier in the Asian market transactions, due to the activity of correction and profit-taking operations, on the verge of incurring the first loss in the last three days, and the expansion of losses is curbing positive indicators On improving demand in the United States.
US crude fell by 1.1% to the level of $ 82.63, from the opening level at $ 83.50, and recorded the highest level at $ 83.93, the highest since October 2014, and Brent crude fell by 1.3% to the level of $ 84.74 a barrel, from the opening level at 85.88 $, and recorded the highest level at $ 86.08, the highest since October 2018.
US crude, when prices settled on Wednesday, rose by 1.3%, and Brent crude rose by 0.9%, in the second consecutive daily gain, after the weekly report of the US Energy Agency.
Yesterday, the US Energy Agency announced a decrease in commercial stocks in the country by about 0.4 million barrels, during the week ending on October 15, in the first weekly decline in a month, contrary to the expectations of experts, a rise of about 2.1 million barrels.
The sudden drop in US inventories is a positive sign about improving demand and withdrawal levels in the world's largest fuel consumer.
As for US production, it decreased last week by about 100,000 barrels per day, the first weekly decline in a month and a half, bringing the total production down to 11.3 million barrels.
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