Economy News _ Baghdad
Oil prices fell in volatile trading on Thursday, hitting their highest level in more than two years and then retreated after data from the US Energy Information Administration showed a fall in crude stocks much lower than reported by the American Petroleum Institute.
While oil has closed lower, the world's benchmark Brent crude and US benchmark WTI have both remained close to their highest levels since July 2015 as markets gain support from a decline in global supplies. According to Reuters
, the US Energy Information Administration said crude oil inventories in the United States fell by 2.4 million barrels last week, exceeding the expectations of analysts in a Reuters poll for a decrease of 1.8 million barrels, but less than the volume of decline of 5.1 million barrels reported by the American Petroleum Institute .
Brent crude futures closed down 45 cents, or 0.74 percent, to settle at $ 60.49 a barrel.
US crude fell 8 cents, or 0.15 percent, to $ 54.30 a barrel.
Prior to the Energy Information Administration report, Brent contracts were trading at their highest level since July 2015, with data showing that OPEC has significantly improved its commitment to target levels in the supply reduction agreement and a widespread belief that Russia will remain a party to the deal.
Oil prices fall after US crude inventories fall
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