Oil Down Due to an Increase in Gasoline Stocks in The US

Oil prices declined slightly Thursday after heavy losses overnight, and in light of the accumulation of gasoline stocks in the United States, indicating a decline in expectations for fuel demand, with the increase in the number of Corona virus infections in North America and Europe.

Brent crude futures fell one cent, or 0.02%, to $ 41.72 a barrel, after losing 3.3% on Wednesday.

U.S. West Texas Intermediate crude futures fell four cents, or 0.1%, to $ 39.99 a barrel, after falling 4% in the previous session.

The US Energy Information Administration said gasoline inventories in the United States rose 1.9 million barrels in the week to October 16, compared with expectations for a decline of 1.8 million barrels.

The administration added that the average total imported products, an indicator of demand, reached 18.3 million barrels per day in the four weeks to October 16, down 13% from the same period a year ago.

Libya has seen production recover to 500,000 barrels per day, and the government in Tripoli expects that to double by the end of the year.