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Oil prices falls after gasoline inventories unexpectedly rose

Oil prices falls after gasoline inventories unexpectedly rose

 

Oil prices fell to their lowest level in two weeks yesterday after US data showed that they fell below expectations for total crude oil inventories and due to sudden rise in gasoline stocks, which raised fears of oversupply.

US crude futures fell $ 1.97, 3.8 percent, to settle at $ 50.44 a barrel and recorded its biggest daily loss since March 8.

While Brent crude futures fell by $ 1.96 or 3.6% and recorded $ 52.93.

US Energy Information Agency reported that US crude inventories fell 1 million barrels last week, a lower-than-expected decline, and gasoline inventories rose by 1.5 million barrels despite increased refining activity.

The unexpected increase in gasoline stocks as imports and US production from OPEC countries have resulted in many price pressures.

The supply has continued to be global, although OPEC is committed to reducing output levels by 1.8 million barrels per day.

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