Oil prices retreated, giving back some of the strong recent gains they have made, on expectations of a slower economic recovery and speculation that market strength may entice producers like Saudi Arabia to reduce production.<\/p>\n\n\n\n
Brent crude fell 35 cents, or 0.6%, to $ 61.12 a barrel with the opening of European markets, after touching the highest level since January 2020 on Wednesday.<\/p>\n\n\n\n
The market is witnessing an increase as OPEC and its allies, under the OPEC + group, cut production and distribute protective vaccines against the Corona virus, which led to a revival of hopes for a recovery in demand.<\/p>\n\n\n\n
U.S. West Texas Intermediate crude futures fell 34 cents, or 0.6%, to $ 58.34 a barrel.<\/p>\n\n\n\n
Brent has risen over the past nine sessions, the longest period of continuous gains since January 2019. Yesterday, Wednesday, it witnessed an eighth consecutive day of rising for US crude.<\/p>\n\n\n\n
US crude stocks fell for the third consecutive week last week, dropping 6.6 million barrels to 469 million barrels, the lowest level since March, according to the US Energy Information Administration.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil prices retreated, giving back some of the strong recent gains they have made, on expectations of a slower economic recovery and speculation that market strength may entice producers like Saudi Arabia to reduce production. Brent crude fell 35 cents, or 0.6%, to $ 61.12 a barrel with the opening of European markets, after touching …<\/p>\n","protected":false},"author":9,"featured_media":32066,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-41361","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=41361"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41361\/revisions"}],"predecessor-version":[{"id":41362,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/41361\/revisions\/41362"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/32066"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=41361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=41361"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=41361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}