the prices of Petroleum fell for the second day in a row on Friday, pressured by an unexpected increase in crude inventories and fuel From U.S, while investors profited after benchmarks hit seven-year highs earlier in the week.
However, the future of commodity rose for the fifth week in a row, gaining about 2% this week.
Prices have gained more than 10% so far this year on concerns over supply tightness.
Brent crude fell 0.49 dollar (USDBLR), or 0.6%, to close at $87.89 a barrel, while U.S. crude (WTI) dropped $0.41, or 0.5%, to close at $85.14.
Earlier in the week, both Brent and WTI hit their highs since October 2014.
“The latest pullback is likely due to a combination of pre-weekend earnings and the absence of new bullish catalysts,” PVM analyst Stephen Brennock said, noting Thursday’s bearish data from the Energy Information Administration (AIE). ).
The IEA reported the first US inventory build since November and gasoline inventories at an 11-month high, against industry expectations.
To Opec+, which brings together Organization of Petroleum Exporting Countries (OPEC) as a Russia and other producers, is finding it difficult to reach its monthly production increase target of 400,000 barrels per day (bpd).
Source From: Moneytimes
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