The price of oil today
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Oil prices continued to decline and incurred losses during today's trading, corresponding to April 30, due to a sudden increase in US crude stocks and a new escalation in the number of Covid-19 cases in India and Japan. Concerns about the global economic recovery, and based on the above, we find oil prices today as follows: :
- Oil prices in Brent crude futures fell by 20 cents, equivalent to 1.94%, and its price reached 66.70 dollars a barrel, after a decline of 1.32 dollars on Wednesday.
- Oil prices in US West Texas Intermediate crude futures fell by 1.15 cents, which is equivalent to 1.78%, and its price reached 63.57 dollars a barrel.
We find that the reason for the continuing decline in the price of oil is the announcement by the US Energy Information Administration on Wednesday that crude oil inventories in the United States rose in the week ending April 16, as inventories increased by 594 thousand barrels per day against analysts' expectations in a Reuters poll for a three-drop. Millions of barrels.
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