WASHINGTON, LONDON (Reuters) – Crude oil prices have declined globally when the US market opened Wednesday after a marginal gain in European markets, with a first loss of three days, with recovery from a 13-month low.
This comes after a rise above expectations in US commercial inventories according to preliminary data from the US Oil Institute, and traders are waiting for official data in a weekly report of the US Energy Agency. By 13:25, US crude fell to $ 51.20 a barrel from an initial level of $ 52.66 and recorded a high value of $ 52.53 and a low value of $ 51.12.
US crude oil rose 0.9 percent on Friday, the second consecutive daily increase, as the recovery from a 13-month low of $ 50.90 per barrel was resumed.
In preliminary data, the US Oil Institute announced yesterday that commercial inventories in the country rose by 3.5 million barrels a week ending on November 23, which exceeds the expectations of experts by about 0.8 million barrels.
According to the data, total US commercial inventories rose to 442.8 million barrels, the highest level of shares in 2018, in a negative sign of the level of demand for the world's largest oil consumer. (Petra)