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Oil prices declines to their lowest level in five weeks

Oil prices declines to their lowest level in five weeks

 

Crude prices declined to their lowest level in more than five weeks yesterday after data showed an unexpected increase in gasoline stocks in the United States and data from the Energy Agency (IEA) predicting an increase in crude production by non-OPEC producers.

The oil markets tried to compensate for yesterday's losses, but the rise in Libyan production and the American data, indicated an unexpected increase in US stocks among the pressure factors that caused the continued decline of crude oil and that markets feel that the agreement to reduce production levels haven't been the best solution to get rid of the pressures of supply

As gasoline inventories in the United States pushed gasoline futures contracts down more than 3 percent to attract US crude and Brent crude.

After rising for three straight sessions, Brent crude was down $ 1.88, or 3.86%, to $ 46.84 a barrel.

While US crude declined 1.83 dollars, 3.94 percent, and recorded 44.63 dollars a barrel.

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