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Oil falls in the light of a decline in the US stocks

Oil falls in the light of a decline in the US stocks


Oil prices fell yesterday as US government data came below expectations and due to a weak demand on gasoline

US crude fell 18 cents to $ 47.48 a barrel, and Brent crude fell 8 cents to $ 50.38 a barrel

The US Energy Information Agency said yesterday that US crude inventories fell over the past week by 930,000 barrels and recorded 527.8 million dollars on expectations of a decline of 2.3 million dollars.

It should be noted that the administration data showed that the inventories of gasoline rose by 191 thousand barrels, less than expectations of a rise to 1.3 million barrels, while demand for gasoline fell by 2.7% in the previous month when compared to the same period a year ago.

As markets remain interested in US production, oil investors have continued to monitor producing countries, whether or not they are committed to agreeing to cut production by 1.8 million barrels per day in the first half of this year.