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Oil Retreats And Gives up Some of Its Gains

Adel 13 January, 2022 1:35 pm Commodities, Market Update

Oil prices fell on Thursday, January 13, giving up some of their gains in the previous two sessions, amid uncertainty about demand in the near term as Omicron infections surged around the world.

US benchmark West Texas Intermediate crude contracts fell 20 cents, or 0.2%, to $82.44 a barrel at 05:03 GMT, after rising 1.7% in the previous session.

The international benchmark Brent crude contracts also fell 19 cents, or 0.2%, to $ 84.48 a barrel, after rising 1.3% yesterday.

Data from the US Energy Information Administration yesterday showed that fuel demand was affected by Omicron, as gasoline stocks rose 8 million barrels in the week ending January 7, compared to analysts’ expectations for an increase of 2.4 million barrels.

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