Oil falls on unexpected rise in U.S. inventories

An oilfield worker walks next to drilling rigs at an oil well operated by Venezuela’s state oil company PDVSA, in the oil rich Orinoco belt, April 16, 2015. (Reuters photo)

SULAIMANI (ESTA) — Oil prices fell for a second session on Thursday, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand.

Brent crude futures were down 34 cents at $80.74 a barrel at 0546 GMT.

U.S. crude slid 70 cents to $76.73 per barrel after the market climbed on Wednesday to $79.78, the highest since November 2014.

“Commercial stockpiles of crude rose … last week, according to EIA data,” ANZ said in a note. “Stockpiles of gasoline also surged raising concerns of weaker demand.”

U.S. crude inventories rose by 2.3 million barrels last week, the U.S. Energy Information Administration (EIA) said, according to Reuters.

Global oil prices have jumped more than 50% this year, adding to inflationary pressure that could slow recovery from the COVID-19 pandemic and impact consumer demand. Natural gas and coal prices have also climbed.

Previous Article

NATO expels eight 'intelligence officers' from Russian mission to alliance

Next Article

Iraqi parliament dissolves itself ahead of election

Related Posts