August 14, 2022

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Profits fall on oil as U.S. inventories increase

Profits fall on oil as U.S. inventories increase

Tokyo (Reuters) – Retreated Oil prices Today, Friday, the rise in U.S. crude oil and fuel reserves, which rose to a seven-year high this week, prompted investors to take profits from the rally.
Brent crude was down $ 2.46, or 2.8 percent, at $ 85.92 a barrel at 01:36 GMT. Contracts had previously fallen 3 percent, the biggest drop since December 20. The global benchmark touched $ 89.50 a barrel on Thursday, the highest level since October 2014.
US West Texas Intermediate crude futures fell $ 2.61 or 3.1 percent to $ 82.94 a barrel. And U.S. crude deals fell 3.2 percent earlier, the biggest drop since December 20, reaching its highest level since Wednesday, October 2014.
The latest rise in crude prices seems to have lost momentum on Thursday, with Brent and the US crude oil trading session ending with moderate losses. The scale has risen more than 10 percent since the beginning of this year.
Petrol stocks in the United States, the world’s largest oil consumer, rose 5.9 million barrels, the highest level since February 2021, according to the U.S. Energy Information Administration. Crude stocks rose 515,000 barrels last week, missing industry expectations.
Management data showed a limited decline in crude consumption at refineries, indicating a decline in demand.
The International Energy Agency said Wednesday that oil supplies are expected to exceed demand soon because some manufacturers are expected to pump at all times or above, while demand remains high despite the spread of Omigron from the Corona virus.