Oil prices have risen 10% since the beginning of the year .. Demand holds despite the spread of the “mutator”

Oil prices fell yesterday after rising to a seven-year high during the week, as an increase in US crude and fuel inventories prompted investors to take profits from the rally.
It seems that the recent increase in crude prices lost momentum Thursday, when Brent and US crude ended the trading session with small losses, but the two benchmarks have risen more than 10 percent since the beginning of the year amid fears of tight supplies.
According to “Archyde.com”, Brent crude futures fell yesterday by $2.46, or 2.8 percent, to $85.92 a barrel during trading yesterday. The contracts fell earlier 3 per cent, in the largest decline since December 20 (December). Global benchmark crude touched $89.50 a barrel on Thursday, the highest level since October 2014.
US West Texas Intermediate crude futures fell $2.61, or 3.1 percent, to $82.94 a barrel. And US crude contracts fell earlier by 3.2 percent, which is also the largest decline since December 20, after rising to its highest level since October 2014 on Wednesday.
Gasoline stocks rose in the United States, the world’s largest oil consumer, by 5.9 million barrels, to the highest level since February 2021, according to the US Energy Information Administration. Crude stocks rose 515,000 barrels last week, missing industry expectations.
The administration’s data also showed a limited decrease in crude consumption in refineries, which indicates a decline in demand.
Supply concerns escalated during the week due to geopolitical factors.
However, the International Energy Agency said, “Oil supply is expected to exceed demand soon, as some producers are expected to pump at or above all-time highs, while demand holds up despite the spread of the mutant Omicron from the Corona virus.”
Crude stocks at the delivery hub in Cushing, Oklahoma, fell 1.3 million barrels last week, the Energy Information Administration said.
Administration data showed a decrease in crude consumption in refineries by 120,000 barrels per day last week, and an increase in refinery operating rates by 0.3 percent.
Gasoline stocks rose 5.9 million barrels to 246.6 million barrels, compared to analyst expectations in a “Archyde.com” poll, an increase of 2.6 million barrels.
The data showed that distillate stocks, which include diesel and heating oil, fell 1.4 million barrels to 128 million, compared to expectations for a decrease of 850 thousand barrels.
Brent crude futures fell six cents, or 0.07 percent, to settle at $88.38 a barrel, Thursday.
US contracts for US light crude for February delivery also lost six cents, or 0.07 percent, to settle at $86.90 a barrel on Thursday, while US crude contracts for March delivery reached $85.55 a barrel, after declining by 25 cents.