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US gasoline stocks rise pushed oil prices down

8 Apr 2021 12:06 PM

Crude oil prices fell yesterday after official data showed a large increase in US gasoline stocks, which raised concerns about weak demand in the world's largest oil consumer as crude supplies rose around the world.

Brent crude fell yesterday, trading near its lowest levels since the beginning of the week around $ 61.45 a barrel, before returning to trading around the $ 62.50 levels today, and US oil declined to $ 58.13 levels before returning now around the $ 59.20 levels.

Yesterday, the US Energy Department said that while crude oil inventories in the United States fell more than expected, gasoline inventories jumped sharply, also against expectations.

Oil inventories decreased by 3.5 million barrels last week to nearly 502 million barrels, and gasoline inventories increased by 4 million barrels, against expectations of a decline to just over 230 million barrels, as refineries increased production before the summer driving season.

Moreover, Iran may see the lifting of some sanctions and an increase in global supplies, as the United States and other powers hold talks on reviving a nuclear deal that almost prevented Iranian oil from reaching the market. The high economic growth would boost demand for oil and its products, thus helping to reduce inventories.

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