2023-10-12 17:26:05
Oil prices reversed their upward trend in trading, following declining in the last two sessions, in light of fears of an expansion of the conflict between Israel and Hamas.
During early trading, prices were down due to a larger-than-expected increase in crude and gasoline inventories in the United States and decreased concerns regarding supplies.
Brent crude futures rose 29 cents, or 0.34%, to $86.11 per barrel, and US West Texas Intermediate crude rose 11 cents, or 0.13%, to $83.60 per barrel.
US crude oil inventories increased by regarding 12.9 million barrels, which is much higher than the increase of 500,000 barrels that analysts expected in a Archyde.com poll.
The data showed that gasoline stocks also rose by 3.6 million barrels, which is completely contrary to the decline of 800,000 barrels that analysts expected, as fears of a slowdown in demand for fuel in the United States continue.
Markets are awaiting more data on inventories from the US Energy Information Administration.
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