Brent crude drops 9% to $ 26.04 a barrel


Brent crude futures fell more than 9% to $ 26.04 a barrel. US crude futures continued their sharp losses, falling more than 15% to $ 22.83 a barrel
In addition, the US Energy Information Administration said on Wednesday that crude oil stocks in the United States increased last week, while gasoline and distillate stocks decreased.

Crude inventories rose by two million barrels in the week ending March 13 to 453.7 million barrels, compared to analysts’ expectations in a Reuters poll for an increase of 3.3 million barrels.
The Energy Information Administration said that crude inventories at the delivery point in Cushing, Oklahoma, increased by 563 thousand barrels last week.

It added that the consumption of crude oil in refineries increased by 118 thousand barrels per day last week. There has been little change in the refineries operating rates throughout the week.

The administration said that gasoline stocks in the United States fell 6.2 million barrels last week to 240.82 million barrels, compared with analysts’ expectations for a decrease of 2.9 million barrels.

Energy Information Administration data showed that distillate stocks, which include diesel and heating oil, fell 2.9 million barrels over the week to 125.12 million barrels, compared to expectations for a drop of two million barrels.

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