On Thursday, the main US oil contract fell to the levels it was in before the Russian invasion of Ukraine. At the end of February, crude oil prices rose.
The West Texas Intermediate fell 0.9 percent to $89.86 in afternoon trading in Europe.while the major international contract, the BrentAnd the It lost 1.22% to $95.58.
Oil losses accelerated yesterday after US data showed that Increasing reserves of crude oil and gasoline.
US crude oil inventories rose unexpectedly last week due to Decline in exports and downsizing of refineries.
On the other hand, on Wednesday, The OPEC + oil alliance announced a symbolic increase in pumping by only 0.22% for the next month.
Simply put, demand concerns are now the dominant influence in the global energy market, and while supply concerns will persist with the war between Russia and Ukraine, We will need to see evidence of stabilizing demand for the oil market to start a top in the near term.”points to analyst Tom Essaye, in a report by Sevens Report.
Meanwhile, Wall Street stocks rebounded early Thursday ahead of the release of key US jobs data.. And after the central bank’s latest move to counter inflation, this time by the Bank of England.
The Bank of England raised its key interest rate by 0.5 percentage point to 1.75 per cent. They predict a prolonged stagnation as uncertainty about energy supplies due to Russia’s invasion of Ukraine clouds the forecast.
Returning to the United States,Commerce Department data showed that US exports hit a record high in June, narrowing the trade gap.
Report arrives by Government employment data will be closely watched on Friday This will affect the Fed’s next moves.
Around After 25 minutes of trading, the Dow Jones Industrial Average was down 0.1 percent at 32,780.27.
And theThe broad-based S&P 500 index settled at 4,155.89, while the tech-rich Nasdaq Composite Index rose 0.2 percent to 12,695.82.
Among the individual actions, Warner Bros discovery rose 2.3 percent after announcing the postponement of the movie adaptation of “Batgirl”. The move appears to reflect a change in company strategy following the merger with Warner Bros. and Discovery.