Crude oil fell as the US market opened on Thursday on its way to the first three-day loss in a correction and profit taking after yesterday’s 3-1 / 2 year high, ahead of the weekly report of the US Energy Agency, which includes data Of commercial stocks and production levels.
By 13:15 GMT, US crude fell to $ 73.95 per barrel from the opening level of $ 74.31, recording a high of $ 74.78 and a low of $ 73.66.
US crude oil on Wednesday settled up by less than 0.1%, its second daily gain in a row, hitting a three-and-a-half-year high of $ 75.34 a barrel earlier in the session.
In preliminary data, the US Petroleum Institute announced on Tuesday that the country’s trade inventories fell 4.5 million barrels in the week ending June 29, the third consecutive weekly decline, exceeding experts’ expectations of a 3.5 million barrel decline.
According to the data, total US commercial inventories fell to 416.9 million barrels, the lowest level since the week ending Feb. 2, in a positive sign of demand levels in the world’s largest oil consumer.
Traders are looking for official data on commercial stocks and production levels later in the weekly report of the US Energy Agency, and expectations are forecast to fall by 4.4 million barrels, the fourth consecutive weekly decline.
For the US production, the previous week remained unchanged for the second consecutive week, remaining at 10.90 million barrels per day, the highest level of production in the United States at all.