Economic

Oil prices fell amid prospects of an increase in US inventories

Oil prices fell during trading on Wednesday, with the prospects of a sharp increase in US stockpiles of crude, in addition to increasing concerns about oversupply.

Initial data released by the American Petroleum Institute showed that American crude stocks rose by 10.5 million barrels during the past week, exceeding expectations for an increase of 4 million barrels.

However, the US Energy Information Administration is to release official figures for oil stocks in the United States later in the day.

Black gold prices are approaching their lowest levels since 2002, which they recorded earlier this week amid the ongoing Corona crisis, which causes the global economic slowdown and consequently the shrinking demand for oil.

Oil witnessed strong losses during the month of March, as well as the largest quarterly loss ever, losing about 66.4 percent of its value.

The Organization of Petroleum Exporting Countries (OPEC) led by Saudi Arabia and other crude producers, led by Russia yesterday, did not reach an agreement to conclude a meeting this month to discuss falling prices.

The US President “Donald Trump” called for an increase in oil prices amid his concern about the sharp collapse of prices, as he spoke with Russian President “Vladimir Putin” to discuss the price war between Russia and Saudi Arabia.

By 8:14 am GMT, the price of US NYMEX crude futures for May delivery fell by 1.4 percent, to $ 20.20 a barrel.

Brent crude futures for June delivery fell 4.7 percent to $ 25.11 a barrel.

And oil prices rose by more than 5 percent during trading yesterday, after the lowest levels in 18 years after the United States and Russia agreed to hold new talks.

Oil prices fell amid prospects of an increase in US inventories

US President Donald Trump and Russian President Vladimir Putin agreed to hold talks aimed at stabilizing oil markets.

The performance of oil came after crude prices fell to their lowest levels in 18 years, amid the bilateral blow caused by the Corona virus, which affected the demand for crude and fuel around the world.

In addition to the price war between “Saudi Arabia” and “Russia” after the collapse of the production cut agreement, after Washington and Moscow agreed to hold talks.

“Saudi Arabia” plans to increase its oil exports to 10.6 million barrels per day as of May, with low domestic consumption, according to Reuters news agency quoted an official in the Ministry of Energy, “Saudi Arabia”.

Tags
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close
Close