Oil Prices Continue Their Losses For The Sixth Day

Baghdad Crude oil prices continued their losses for the sixth day, Thursday, hovering near their lowest levels in 3 months, affected by growing concerns about slowing fuel demand amid a rise in Coronavirus cases around the world, and high gasoline stocks in the United States.

Brent crude was down 85 cents, or 1.3 percent, at $67.38 a barrel by 05:10 GMT, after dropping 1.2 percent on Wednesday. US West Intermediate crude lost 93 cents, or 1.4 percent, to $64.53 a barrel, after falling 1.7 percent in the previous session.

Both benchmark indices have lost more than 5% over the past six sessions, and are trading near their lowest level since May 24 in the previous session.

The slide continued as investors remained concerned about an increase in infections caused by the delta-type coronavirus worldwide.

The Energy Information Administration said yesterday, Wednesday, that US crude stocks fell by 3.2 million barrels last week to 435.5 million barrels, the lowest level since January 2020, but gasoline stocks rose by 696 thousand barrels to 228.2 million barrels.

The minutes of the US Federal Reserve’s July 27-28 meeting showed that officials indicated that the spread of the variable delta could temporarily delay the full reopening of the economy, and restrict the job market.

Source: National Iraqi News Agency