Oil Prices Fall more than 2% and Crude Brent Reaches 72.39 USD per Barrel

August 01, 2018

Oil prices decreased during trading on Wednesday, after data showed a surprising surge in the United States crude inventories, in addition to the production surge of OPEC oil in the previous month; which raises concerns over global oversupply.

Brent crude for September delivery fell 2.5% or US $1.82 to US $72.39 a barrel.

U.S. Nymex crude for September delivery fell 1.6% to $67.66 per barrel, a drop of US $1.10.

US crude oil stockpiles rose by 3.8 million barrels to 408.7 million barrels in the previous week, as shown by the data of the Energy Information Administration (EIA).