Oil prices were negatively affected by both
Renewed concerns regarding a global economic slowdown, with business activity contracting in the United States of America for the seventh month in a row.
The indications are the rise in Russian oil exports to meet the strong demand in Asia and to try to benefit from the rise in global energy prices.
US commercial crude oil inventories rose for the fifth consecutive week, recording their highest level since June 2021.
US gasoline inventories rose for the third consecutive week, recording their highest level since April 2022, in light of the recovery of refinery activity.
Increasing selling of crude oil contracts in the futures markets, as investors tend to take profits to take advantage of higher prices.
Oil prices received support from optimism regarding a possible recovery in demand in China – the world’s largest oil importer, as the economy recovers following easing restrictions related to the Corona virus.
Concerns regarding tightening supplies due to the European embargo to be imposed on imports of Russian petroleum products transported by sea on the fifth of next February.
