Oil prices fell by about three dollars per barrel today, Wednesday, as concerns related to macroeconomic challenges were dispelled following the pledge of Saudi Arabia and Russia to continue reducing crude oil production until the end of 2023.
Brent crude futures fell $3.30, or 3.63 %, to $87.62 per barrel, while US West Texas Intermediate crude fell $3.29, or 3.69 %, to $89.18 per barrel.
During the session, Brent crude oil was traded at its lowest levels since September 1, with today’s lowest level reaching $87.55 per barrel.
The lowest level of West Texas Intermediate crude during the day, amounting to $85.86 per barrel, was its lowest level since September 5.”
The US Energy Information Administration said earlier today that crude inventories in the United States fell by 2.2 million barrels to 414.1 million barrels during the previous week ending September 29, but crude oil inventories at the delivery center in Cushing, Oklahoma, rose for the first time in eight weeks. “
Source: National Iraqi News Agency