Oil prices decline amid demand concerns

08/04/2021 Argaam

Oil rigs

Oil prices declined on Thursday amid demand concerns and as latest data showed a rise in US gasoline stockpiles.

 

International benchmark Brent crude was trading down 0.7% at $62.74 per barrel, at 9 am Makkah time.

 

West Texas Intermediate (WTI) crude fell 0.8% to $59.36 per barrel.

 

US gasoline stocks increased by 4 million barrels last week to 230 million barrels, according to the Energy Information Administration (EIA) data.

 

Meanwhile, the International Monetary Fund (IMF) earlier this week raised its global GDP growth forecast to 6% for 2021.

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