Global oil prices fell under pressure from demand concerns

0
339

Oil prices fell, on Wednesday, under the pressure of demand concerns, especially in China, the largest importer of crude in the world.

This coincides with the return of pressures caused by the outbreak of the Coronavirus, and the spread of the Indian Coronavirus “Delta”.

-Advertisement-



Recent Chinese data showed that the demand for crude oil declined by 3 percent during the first half of 2021 on an annual basis, which means the possibility of a continued decline in demand in the current second half.

Brent crude futures for September delivery fell 0.1 percent to $76.41 a barrel by 07:30 GMT.

Also, the prices of West Texas Intermediate crude futures for August delivery fell 0.2 percent to $75.10 a barrel.

In today’s morning trading, oil prices ignored preliminary US data that showed a decline in crude stocks in the country by 4.1 million barrels in the week ending on July 9.

Later today, the final data on inventories for the past week, issued by the Energy Information Administration in the United States, will be released.

On Tuesday, the International Energy Agency expected oil demand to rise by 5.4 million barrels per day in 2021.

-Advertisement-



Al-Sabah will reach 96.9 million barrels, and by about 3 million barrels per day in 2022 to an average of 100 million barrels per day.