Brent Crude Oil Falls for 2nd Session

Brent Crude: Oil fell by 4% to below $103 per barrel on Thursday, sliding for the second straight session, weighed down by official data pointing to weaker US gasoline demand despite the peak summer driving season and easing supply concerns.

An EIA report released Wednesday showed US gasoline inventories rose 3.5 million barrels last week, thumping expectations for a 71,000 barrel increase.

Product supplied of gasoline, a proxy for demand, fell about 7.6% from a year ago to around 8.5 million barrels per day, Reuters noted.

Meanwhile, Libya’s National Oil Corp announced crude production had resumed at several oilfields, after lifting force majeure on oil exports last week.

Elsewhere, natural gas flows through Nord Stream 1 pipeline to Europe resumed. Oil prices have come under pressure since mid-June as mounting risks of a global recession, driven by aggressive monetary tightening, rattled commodity markets and overshadowed ongoing supply tightness.

About Haroon Khawaja

Haroon Khawaja Is a Journalist & CEO Of B-Trams , Ex Reporter At Geo News

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