Oil is declining again despite the decline in US inventories


Oil is declining again despite the decline in US inventories

Oil prices declined during trading today, Wednesday, giving up the gains recorded earlier in the session, despite the release of data that revealed a decline in US crude stocks.

And the Energy Information Administration announced a decline in crude stocks in America by about 3.5 million barrels to 498.3 million barrels last week, while analysts expected a decline of about 700 thousand barrels.

Yesterday, the American Petroleum Institute revealed, in preliminary unofficial data, a decrease in oil inventories by about 2.6 million barrels during the same period.

On the other hand, the dollar index (against a basket of major currencies) settled negatively by 16:44 GMT at 92.3 points, and recorded the highest level at 92.4 points and the lowest level at 92.1 points.

In terms of trading, US NYMEX crude futures for May delivery by 16:42 GMT decreased 0.7% to $ 58.9 a barrel, and crude recorded the day’s highest price at $ 60.04 and the lowest price at $ 58.1.

Brent crude for June delivery fell 0.6% to $ 62.3 a barrel, and the highest price was at $ 63.5 and the lowest price was at $ 61.6.


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