Oil prices fell on European markets on Thursday, resuming losses, which were temporarily halted yesterday as part of a rebound from low levels, as renewed concerns over supply overshadowed United States after an unexpected surge in US commercial inventories and record oil production in the country. New at 11 million barrels per day.
By 1115 GMT, US crude fell to $ 68.15 per barrel from the opening level of $ 68.9 and recorded a high of $ 69.02 and a low of $ 67.79.
Brent crude dropped to $ 72.10 a barrel from the opening price of $ 72.99 and recorded a high of $ 73.05 and a low of $ 71.82.
Oil chart
US crude oil gained yesterday’s 2.0% gain in its first gain in three days, recovering from a four-week low of $ 67.02 a barrel. Brent crude futures rose 1.1% after trading earlier in the session Three months at $ 71.19 a barrel.
US Energy Agency announced on Wednesday that the country’s trade inventories rose by 5.8 million barrels in the week ending July 13, reversing experts’ forecasts of a 3.6 million barrel drop, the second rise in the last three weeks.
Bringing the total stockpile to 411 million barrels, to bounce from a three-year low of 405.2 million barrels last week.
US production rose by 100,000 barrels per day last week, the first rise in five weeks, to a total of 11.0 million barrels per day, the highest level ever for oil production in the United States.
US production has jumped more than 30 percent since mid-2016, surpassing Saudi Arabia’s current high production to 10.7 million barrels per day , much closer to the output of the world’s biggest oil producer, Russia, at about 11.1 million barrels per day.
On the other hand, data showed the rise of Saudi oil exports in June by 390 thousand barrels per day to a total of 7.6 million barrels per day, the largest daily increase in Saudi exports since the end of 2016, according to data of the International Energy Agency.
A preliminary survey by Reuters showed Saudi Arabia’s output rose by 700,000 barrels per day in July to a total of 10.70 million barrels per day.