Oil prices fell after two days of gains

Brent oil futures fell to $96.23 a barrel after prices rose for two days.

Oil prices fell on Friday, August 19, after two days of gains. This was reported by Reuters.

Brent oil futures fell 0.4% to $96.23 a barrel after rising 3.1% on Thursday, August 18. US WTI crude traded at $90.29 a barrel, down 0.2% after rising 2.7% in the previous session .

Weekly data from the US boosted optimism about improving fuel demand in the near term, lingering recession concerns and a possible increase in production by the Organization of the Petroleum Exporting Countries (OPEC) are likely to limit increases in potential for oil prices.

US crude inventories fell as the country exported a record 5 million barrels of oil a day last week and oil companies faced strong demand from European countries seeking to replace oil from Russia.

Rising US gasoline production could partially offset a decline in China’s oil product exports this year as Beijing prioritizes the domestic market to curb domestic inflation.

The new secretary-general of the Organization of the Petroleum Exporting Countries, Haytham Al-Ghais, says politicians, lawmakers and insufficient investment in the oil and gas sector, not his group, are to blame for high prices of energy.

OPEC+, along with allies such as Russia, is scheduled to meet on September 5 to fix output. According to Al Gais, OPEC is committed to ensuring that Russia remains part of the OPEC+ oil production deal after 2022.

Record US crude oil exports, resumption of production in Libya and steady exports from Russia and Iran eased a global supply shortage ahead of peak refinery services.

Recall that in early June, the European Union introduced the sixth package of anti-Russian sanctions, which provides for a 90% reduction in oil imports from Russia by the end of 2022.

Some European countries return to the Russian oil market – Bloomberg

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