WorldOil prices at half mast following the release of the state of...

Oil prices at half mast following the release of the state of US crude reserves

AA / Istanbul

Crude oil prices fell, at the start of trade on Wednesday, below $ 77 per barrel of Brent, after the release of preliminary US data showing an increase in US crude reserves.

Oil prices had crossed the $ 80 mark earlier on Tuesday, the highest price reached since October 2018.

Preliminary data, released Tuesday by the American Petroleum Institute (API), showed crude oil reserves rose 4.1 million barrels over the past week, indicating weak domestic demand.

At 0722 GMT, the price of Brent crude futures, for delivery in December, fell 1.69%, or $ 1.39, to $ 76.98 a barrel.

US West Texas Intermediate (WTI) crude futures prices, for delivery in November, also fell 1.65%, or $ 1.26, to $ 74.03 a barrel.

Later today, final US reserves data is expected to be released by the US Energy Information Administration, covering last week’s period.

The United States, the world’s largest crude consumer, averages 18 million barrels a day under normal conditions. It is also the largest producer of crude in the world, with an average of 12 million barrels per day.

Many countries on the European continent have turned to oil as a source of energy in recent days, with the sharp rise in natural gas prices, due to the inability of supplies to meet growing demand.

* Translated from Arabic by Mounir Bennour.

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