Oil prices fell as the US market opened on Friday to continue its losses for a fourth straight day, despite falling US inventories at the expense of the agency’s 3-year low, and prices are heading towards a weekly loss due to concerns about global demand levels.

By 07:25 GMT US crude fell to $ 67.75 a barrel from the opening level $ 67.88, and recorded the highest level of 68.07 $, and the lowest level of 67.53 $.

Brent crude oil fell to $ 76.55 a barrel from the opening price of $ 76.66, recording a high of $ 76.90 and a low of $ 76.21.

US crude lost 1.1% on Thursday, its third consecutive daily loss, hitting a two-week low of $ 66.99 a barrel. Brent contracts lost 0.6% and recorded a week low of $ 75.63 per barrel.

The US Energy Agency announced on Thursday that the country’s commercial inventories fell by 4.3 million barrels in the week ending August 31, exceeding experts’ expectations of a 2.2 million barrel decline, the third consecutive weekly decline.

According to the data, total US commercial inventories fell to 401.4 million barrels, the lowest level since February 2015, in a positive sign of demand levels in the world’s largest oil consumer.

For the US production, the agency announced last week’s production stability unchanged for the second consecutive week, leaving the total at 11 million barrels per day, the highest level of oil production in the United States at all.