Oil prices continue to decline despite the decline in US oil inventories

oil prices

Oil prices fell at the beginning of the trading of the American markets during trading today, Wednesday, after the gains they made yesterday, rebounding from the lowest levels in three weeks recorded earlier in the trading, and this decline comes despite the decline in US stocks to their lowest levels since February 3, according to As announced by the American Petroleum Institute yesterday, the US Energy Administration is expected to release its official stock data later today.

At 12:15 GMT, US crude oil prices fell, to trade at $47.85 a barrel, from the opening price of the trading session at $48.02. It reached the highest price during the session at $48.19, while it reached the lowest price at $47.75.

At the conclusion of yesterday’s trading, crude oil prices for “July delivery” achieved gains by about 1.2% for the first day, after a decline that lasted for six consecutive days, during which it recorded its lowest level in three weeks.

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Yesterday, the American Petroleum Institute published its unofficial data for US inventories for the past week, and the data indicated a decline in inventories by 4.6 million barrels, recording the third consecutive weekly decline, while expectations showed a decline of 3.5 million barrels, and thus total inventories reached 533 million barrels, which is the lowest in the world. Four months, which indicates a recovery in demand rates in the United States, the largest consumer of oil in the world.

The US Energy Agency is scheduled to release its official stockpile report, amid expectations that inventories will fall by 3.1 million barrels for the ninth week in a row.

US shale oil production rose last week by 20 thousand barrels, bringing the daily production volume to about 9.34 million barrels, the highest since August 2015.

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Mohamed Abdel Khaleq

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