Oil prices declined due to fears of slowing Chinese demand and shrinking global supply
Oil prices declined today, Thursday, after hitting their highest levels in several months in the previous session, as a result of high crude stocks in the United States and the emergence of weak economic data from China, which raised concerns about global demand for fuel.
Brent crude fell nine cents, or 0.1 %, to reach $87.46 a barrel. West Texas Intermediate crude fell six cents, or 0.1 %, to $84.34.
Yesterday, Wednesday, US Energy Information Administration (EIA) data showed that crude inventories rose by 5.9 million barrels last week to 445.6 million barrels, while weak economic data from China affected market sentiment.
Investors are awaiting the main inflation data in the United States, which is scheduled to be published later today./ End
Source: National Iraqi News Agency