Oil prices decline after the rise in US gasoline inventories

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Oil prices decline after the rise in US gasoline inventories


Thursday – 26 Shaaban 1442 AH – 08 April 2021 AD


Oil tanks in Los Angeles (Reuters)

Washington: “Asharq Al-Awsat Online”

Oil prices fell today, Thursday, after official data revealed that US gasoline stocks rose significantly, raising concerns about weak demand in the world’s largest consumer of crude at a time when supplies rose around the world.
Brent crude fell 51 cents, or 0.8 percent, to $ 62.65 a barrel by 06:48 GMT. US crude fell 53 cents, or 0.9 percent, to $ 59.24 a barrel.
The US Energy Information Administration said that while crude oil inventories in the United States fell by more than analysts had expected, gasoline inventories jumped strongly, also against expectations.
Oil inventories decreased by 3.5 million barrels last week, to nearly 502 million barrels, and gasoline inventories increased by 4 million barrels, against expectations of a decrease, to just under 230 million barrels, as refiners intensified production before the summer season when driving cars increased.
On the other hand, the International Monetary Fund said this week that huge public spending aimed at combating the “Covid-19” pandemic may increase global growth to six percent this year, a rate not recorded since the 1970s.
The increase in economic growth will enhance the demand for oil and its products, which will contribute to reducing inventories.


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