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US oil prices decline after 4 high sessions

US oil prices
Photographer: Matthew Busch/Bloomberg

US oil prices witnessed a decline for the first time in four consecutive sessions at the end of Thursday’s trading. Prices recorded a decline from their highest levels in more than a year, even in light of the drop in US stockpile data.

The oil stocks in the United States exceeded expectations during the previous week, declining by about 7.3 million barrels. Gasoline stocks consumption increase by about 0.7 million barrels.

Indicators showed a decrease in the US production of oil by 200,000 barrels per day during the previous week.

US oil prices

Crude oil prices achieved great profits since the beginning of last week ending Thursday, in light of the disruption of production in the United States Because of the cold weather.

The price of futures contracts for US NYMEX crude for March delivery recorded a decrease of 1% upon settlement. The price reached $60.52 a barrel for the first time since the beginning of last year.

The prices of futures contracts for Brent crude for April delivery, by eight o’clock GMT yesterday evening, decreased by 0.8%, to reach $63.85 dollars a barrel.

After it crossed the $65 level earlier in trading, the highest level since January 2020.

Earlier, oil prices rose by about 2% upon settlement of transactions the week before last. Thereby, Brent crude crossed $60 level for the first time in a year.

US oil prices recorded weekly profits of about 9%, the largest since last October. Futures contracts for US NYMEX crude for March delivery, upon settlement, increased by 2%, to reach $57.97 a barrel.

Futures prices for benchmark Brent crude rose by 2.1% to reach $60.56 a barrel, the highest level since January of 2020.

Snow storm effect

It is noteworthy that the snow storm that strikes countries around the world revived oil prices and raised Brent crude to near $65 a barrel, today, Thursday.

The snow storm stopped more than 40% of US crude production, which contributed to the rise in prices.

Oil futures prices rose in London by 0.8%, to close at their highest level in 13 months.

Keep reading: OPEC Expects 300,000 Oil Production Increase In 2021

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