US economic data raised fears of a possible global recession, which led to a decline in oil prices, today, Thursday.
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US crude stocks drop to 3.7 million barrels per week (archive).
Oil fell today, Thursday, as weak US economic data raised fears of a possible global recession and a decline in demand, but crude prices are heading towards a weekly rise, after the “OPEC +” group announced more production cuts, in addition to a decrease in US oil stocks.
Brent crude futures fell 74 cents, or 0.9%, to $84.25 a barrel, and West Texas Intermediate crude futures fell 73 cents, or 0.9%, to $79.88 a barrel.
The two crude oil rose by more than 5.5% this week, heading towards recording gains, for the third week in a row, after the “OPEC +” group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and independent producers, including Russia, announced additional voluntary production cuts.
And US government data revealed that US crude stocks fell by 3.7 million barrels last week, more than expected by about 1.5 million barrels.
Global oil prices accelerated by more than 5%, due to the production cuts announced by a number of “OPEC Plus” countries, most notably Russia and Saudi Arabia, while Washington claimed that reducing oil production by “OPEC +” had a limited impact on the US economy.