Oil prices continue to decline in light of concern about the recession of the economy in the world


Oil prices continued to decline in the beginning of today’s trading, in light of concern about the recession of the economy in the world.
Brent crude futures fell 40 cents, or 0.5%, to $75.89 a barrel by 04:56 GMT. US West Texas Intermediate crude futures also fell 35 cents, or 0.5%, to $71.39 a barrel.
Yesterday, Tuesday, sources in the oil market quoted data from the American Petroleum Institute that gasoline stocks in the United States rose by about 2.4 million barrels, and distillate stocks increased by about 4.5 million barrels in the week ending on the second of June.
And official Chinese data showed earlier today that China’s exports contracted at a much faster rate than expected last May, and that imports fell, albeit at a slower pace, as manufacturers faced difficulties in attracting demand from abroad and domestic consumption remained slow.
And oil prices jumped by more than two dollars a barrel in trading yesterday, “Monday”, supported by the decision of “OPEC Plus” to reduce production.
It is noteworthy that it was agreed at the “OPEC Plus” meeting last Sunday, that member states extend their voluntary cuts in their crude oil production by 500,000 barrels per day until the end of 2024.
It is noteworthy that the member states of the “OPEC Plus” alliance agreed on the fifth of October 2022 to collectively reduce production by two million barrels per day, starting from November of the same year until the end of 2023.
The “OPEC Plus” alliance includes 23 countries, including the 13 members of the Organization of Petroleum Exporting Countries “OPEC”, along with ten other producing countries.


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