Oil Prices decline Post The US Data

Crude oil prices fell on Thursday after official data showed a significant increase in US gasoline stocks, which raised concerns about weak demand in the world’s largest oil consumer as crude supplies rose around the world, and Brent crude fell 51 cents, or 0.8%, to $62.65 a barrel. The price of US oil fell 53 cents, or 0.9%, to $59.24 a barrel.

The US Energy Department said on Wednesday that while crude oil inventories in the United States fell more than analysts’ expectations, gasoline inventories jumped sharply, also against expectations.

Oil inventories decreased by 3.5 million barrels last week to nearly 502 million barrels, and gasoline inventories increased by 4 million barrels, against expectations of a decrease to just over 230 million barrels, as refineries boosted production before the summer driving season. .