Oil prices fell at the end of Wednesday’s trading session, to fall for the first time in 3 consecutive sessions, despite the sharp drop in US inventories, and amid investors’ aspiration to take profits to take advantage of the price hike over two consecutive days.
And crude prices rose during trading, after the US Energy Information Administration showed that oil stocks in the United States decreased by 7.5 million barrels during the past week, more than analysts’ expectations, in addition to stopping some exports from Iraq after the International Court’s decision in favor of Baghdad in its dispute with Ankara over Kurdistan oil.
Brent crude futures fell by 0.5%, to $78.28 a barrel, while US oil futures fell by 0.3%, to $72.97 a barrel.
Crude oil prices ended higher on Tuesday, hitting a two-week high, amid fears of a supply shortage.
US Energy Information Administration data revealed a decline in crude inventories by 7.5 million barrels last week, compared to expectations for an increase of about 1.7 barrels.
For his part, Dennis Kessler, Senior Vice President of Trading at BOK Financial, said that after large purchases of investment funds over the past two days, the markets are trying to find a balance.
