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Oil ends the longest chain of gains over 5 years

Oil ends the longest chain of gains over 5 years


Oil prices yesterday witnessed a 4% decline in trading, ending the longest series of gains over more than 5 years, against the backdrop of the impact of market sentiment on the increase in the exports of OPEC member countries, in addition to the rise of the US dollar.

OPEC crude oil exports were released from statistics firm Thomson Reuters Oil Research, which showed an increase in exports for a second month in June.

The data showed that the average for OPEC exports during June amounted to 25.92 million barrels per day, an increase of 450 thousand barrels from the month of May and an increase of 1.9 million barrels per day from the same level last year.

The increase came despite OPEC pledges to curb production levels as agreed by the cartel and the major oil producers, which will end by March next year.

The head of the International Energy Agency told Reuters that the increase witnessed by the levels of production of two major producers, Libya and Nigeria may block the return of the oil market to stability and balance during the second half of this year.

Brent crude for the day closed at $ 1.82, or 3.7%, at $ 47.79 per barrel. Prices rose for eight consecutive sessions until Monday and settle on Tuesday.

While US crude saw a decline of $ 1.92 by 4.12% to finally settle at $ 45.13