Oil prices continue to decline – RT Arabic


Oil prices continue to decline


Oil prices continue to decline

Oil prices continued to decline during Thursday’s trading, after it had recorded the highest level since last March.

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Oil is retreating from its highest level since March after doubts about a move

By 14:00 Moscow time, US light crude futures fell 1.61% to $ 36.69 a barrel.

Meanwhile, Brent crude futures fell 0.78% to $ 39.48 a barrel.

Thus, oil prices recorded a decline for the second consecutive session, and US crude contracts closed trading yesterday at 39.79 dollars a barrel, while the “Brent” mix contracts recorded at the settlement of $ 40.53 a barrel.

Despite the decline in oil prices on Wednesday, the closing prices are the highest since the 6 of last March.

The drop in prices came due to concerns about whether “OPEC +” producers will be able to reach an agreement to extend the current production cut (9.7 million barrels per day) until after June.

US data on gasoline inventories also impacted negatively on oil markets, as US Energy Information Administration data showed that gasoline stocks in the United States increased by 2.8 million barrels last week, nearly three times what analysts expected.

Source: “Interfax”


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