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Fluctuation and weak movements of crude oil for the second day in a row
Crude oil continued to fluctuate during Wednesday's trading for the second day in a row. Where prices tend to fall due to fears of high global supply of crude oil.
US crude futures were trading at $ 65.93 a barrel, after hitting a high of $ 66.10 a barrel, while opening today's session at $ 66.00 a barrel, which hit a low of $ 65.51 a barrel.
The American Petroleum Institute report showed the rise of US crude oil inventories during the week by 830 thousand barrels compared with expectations that were pointing to a rise of 433.7 million barrels.
The rise in US crude inventories is due to the significant rise in crude oil production in the United States, which jumped 28 per cent in the past two years to a record 10.8 million barrels per day.
On the other hand, the demand for crude oil is increasing by the United States during the summer period coupled with rising demand by the Asian region, which led to continued volatility in crude oil prices.
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