Oil prices fall amid increasing US crude stocks

Crude oil prices fell in early trading on Wednesday, under pressure from an unexpected increase in crude stocks in the United States, according to preliminary data released by the American Petroleum Institute. 

The institute said in data published on Tuesday evening, that crude stocks rose by 7.5 million barrels, in the week ending July 17, to 531 million barrels, compared to analysts’ expectations for a decline of 2.1 million barrels.

And released later Wednesday, the final data for crude stocks in the United States, issued by the US Energy Information Administration.

By 08:00 GMT, Brent crude for September delivery, fell 0.69 percent, or 31 cents, to $ 43.98 a barrel.

Oil prices fall amid increasing US crude stocks

US West Texas Intermediate crude for September delivery fell 0.88 percent, or 38 cents, to $ 41.50 a barrel.

On Tuesday, prices received support from an announcement by international bodies, most notably the University of Oxford, that it was taking an additional step towards a vaccine to treat the Corona virus.

And resulted in marathon meetings lasted for 4 days, to the agreement of the European Union, on Tuesday, on a financial rescue plan worth a total of 750 billion euros (847.5 billion dollars), to reduce the economic consequences of the Corona pandemic, to form a support for crude prices.

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