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Global oil price drop Global oil price drop

Amman Today

publish date 2022-07-21 13:00:14

Jordan word

Oil prices fell for the second consecutive session on Thursday, as demand concerns outweighed concerns about tight global supplies after US government data revealed weak gasoline consumption in the summer travel peak.

By 0618 GMT, Brent crude futures fell 33 cents, or 0.3 percent, to $106.59 a barrel, after falling 0.4 percent in the previous session. West Texas Intermediate crude futures were down 48 cents, or 0.5 percent, at $99.40 a barrel, after falling 1.9 percent on Wednesday.

Oil prices remained volatile after traders were forced to prepare for a larger drop in global supplies due to the absence of Russian oil from the markets after Moscow’s invasion of Ukraine, as well as fears of a recession that could weaken energy demand.

And government data revealed on Wednesday that US gasoline stocks increased by 3.5 million barrels last week, sharply exceeding analysts’ expectations in a Reuters poll of an increase of 71 thousand barrels.

Concerns about Libyan supplies eased after the National Oil Corporation announced yesterday, Wednesday, the resumption of production in several oil fields after the lifting of force majeure on oil exports last week.

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Jordan Business

Source : ألدستور

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