اقتصاد

Oil prices continue to decline

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Al-Anbat -

Al-anbat-Yasmin Tashli

Oil prices continued to decline, as investors continue to withdraw supplies from strategic oil reserves from consuming countries, at the time, the truce in Yemen eased fears of supply disruptions.

Brent crude futures fell 79 cents, or 0.8 %, to $103.60 a barrel, While US West Texas Intermediate crude recorded $ 98.45 a barrel, down 82 cents, or 0.8 %.

The futures contracts for each of the two crudes decreased by one dollar in the beginning of trading in the markets on Monday.

Oil prices fell about 13% last week, after US President Joe Biden announced that up to one million barrels per day will be withdrawn from the US Strategic Petroleum Reserve for a period of six months starting in May.

Biden said the drawdown, the third in the past six months, would serve as a bridge so domestic producers can boost production and rebalance supply with demand. 
 
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