Oil has accelerated the fall due to concerns about demand
Oil prices accelerated their decline on Thursday, dropping to lows since early August amid concerns over US gasoline demand and a bumpy economic recovery.
Futures for Brent crude oil fell 2.36% to $ 43.38 per barrel by 14:38 Moscow time, for WTI – decreased 2.65% to $ 40.41 per barrel.
On the eve of both brands fell by more than 2%.
Gasoline demand in the United States fell to 8.78 million barrels per day last week from 9.16 million barrels per day a week earlier, the Energy Information Administration (EIA) said on Wednesday.
“It was probably this latest data that caught the attention of longs, and even another record closure of the US stock market failed to change the overall direction,” said Tamas Varga of oil trading company PVM.
Meanwhile, the oil market has received some support from Iraq’s statement that the country remains committed to the OPEC + agreement and does not seek a temporary exemption from compliance with the deal to cut production in the first quarter of 2021.