2023-04-21 07:00:00
Brent crude falls to the level of $80.73 a barrel
Oil prices fell today, Friday, continuing the losses of the previous two sessions, and heading towards a weekly decline, as weak US economic data and an increase in US fuel stocks raised concerns regarding stagnation and slowing demand for oil.
And by 04:40 GMT, Brent crude futures for June delivery fell 37 cents, or 0.46%, to $80.73 a barrel. West Texas Intermediate crude futures for June delivery fell 1.87 cents, or 2.36%, to $77.29 a barrel.
The two raw materials fell by more than 2% to their lowest levels since the end of March yesterday, Thursday, amid fears of a possible recession, and are heading towards recording a weekly decline of regarding 6%.
US Energy Information Administration data revealed on Wednesday that US crude inventories fell more than expected last week with refineries running and exports increasing, while fuel stocks unexpectedly rose due to disappointing demand.
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