US collapsed world oil prices

US collapsed world oil prices

April 8, 2021 0 By autotimesnews

Benchmark oil prices fell sharply on Thursday, April 8 amid reports of significant increases in US gasoline inventories.

In particular, the cost of Brent futures on the London ICE Futures exchange fell to $ 62.74 per barrel, which is 0.7% below the level of the previous session’s close. This is evidenced by the trading results.

At the same time, futures for WTI crude oil in electronic trading on the New York Mercantile Exchange (NYMEX) fell 0.8% to $ 59.14 per barrel

Oil prices fell after official data showed a significant rise in US gasoline inventories. This raised concerns about the weakening demand for oil from the world’s largest consumer of this resource. Writes about it Reuters.

In particular, the US Department of Energy said that oil reserves in the country last week fell by 3.5 million barrels – to 502 million barrels. At the same time, gasoline stocks increased by 4 million barrels to 230 million barrels, as refiners increased production ahead of the summer season.