Oil prices fall after US inventories rise more than expected
Oil prices fell on Wednesday, after the announcement of a more-than-expected increase in crude inventories in the United States.
Data from the American Petroleum Institute showed that oil and fuel stocks in the United States rose last week; Crude stocks rose by 2.3 million barrels, gasoline stocks increased by 500,000 barrels, while distillate stocks increased by 1 million barrels.
The decline in oil prices today, comes after prices closed at their highest levels since 2014 yesterday, Tuesday, in light of a global supply shortage, with strong demand in the United States, the largest consumer in the world.
Brent crude for December delivery fell 1.4% to $85.21 a barrel during morning trading in London.
West Texas Intermediate crude for December delivery fell 1.7% to $83.19 a barrel.
“Overall we think oil prices will maintain their high levels, and we see oil demand returning to 2019 levels,” Anders Obedal, CEO of Equinor ASA, said in an interview with Bloomberg TV.
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BlackRock, the world's largest asset manager, has said that the price of crude oil is likely to reach $100 a barrel.
Goldman Sachs believes that a strong recovery in global oil demand could push Brent prices beyond its year-end forecast of $90 a barrel.
In Libya, the National Oil Corporation said that the Al-Zawiya Refining Complex, which has a capacity of 120,000 barrels, was “severely” damaged as a result of what it described as “criminal acts.” The complex includes the largest operating oil refinery in Libya, which is also connected to the El Sharara field, which has a capacity Production is about 300,000 barrels per day.
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