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Oil prices are falling amid renewed concerns about a recovery in demand And crude is heading for the first drop in 4 sessions

  • 26 August, 2021
  • 1:58 pm EEST

Oil prices are falling amid renewed concerns about a recovery in demand And crude is heading for the first drop in 4 sessions

Oil prices fell slightly, during trading today, Thursday, amid renewed concerns about the recovery of demand due to the repercussions of the Corona virus.

And the price of Brent crude futures, for October delivery, decreased by more than 0.9%, at exactly 08:40 am GMT, recording the level of $71.68 a barrel.

Meanwhile, the price of West Texas Intermediate crude contracts, for October delivery, decreased by 1.1% to record $67.63 a barrel.

 

prices drop

The decline in oil prices comes, after noticeable gains of about 2%, at the close of trading on Wednesday, against the background of the release of official US crude stocks data.

The decline also came after achieving the largest round of gains, for 3 days, since last March, affected by demand expectations in light of the emergence of new repercussions of the spread of the Corona virus.

And if prices continue to trade within the red range until the end of today’s trading, it would be the first losses in 4 sessions.

 

Inventory is down

US crude stocks fell by nearly 3 million barrels last week, according to Energy Information Administration data.

Gasoline stocks fell by 2.2 million barrels, compared to the average estimate in a Bloomberg survey, for a decline of 1.5 million barrels.

 

Corona and Delta repercussions

The European Union is preparing to discuss the reimposition of restrictions on movement, in light of the rise in cases of the Corona virus, while the market is looking at whether there are changes to production policy from the OPEC + alliance.

It is scheduled to meet the major producers of crude early next month.


                    

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