Oil price falls below $97 a barrel

Oil price falls below $97 a barrel

Oil prices fell, during Thursday’s trading, after US data indicated weak demand for fuel.

Oil markets started trading on the rise today, supported by fears of a lack of supply, which led to the recovery of prices from their lowest levels in several months.

Brent crude oil futures prices for October delivery fell 0.22%, or 19 cents, to $96.61 a barrel.

US West Texas Intermediate crude futures for September delivery also fell 0.17 percent, or 14 cents, to $90.68 a barrel.

On Wednesday, oil prices ended trading down about 4 percent, recording the lowest level since last February, after US data showed an unexpected rise in crude oil and gasoline stocks last week.

The decline in prices comes despite the fact that the OPEC + alliance reduced the production increase mechanism for next September, to 100,000 barrels per day, compared to the average increases of 400,000 barrels in the past months of 2022.