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The oil prices They fell on Friday, after hitting seven-year highs this week, following an unexpected rise in US crude and fuel inventories and as investors took profits.
crude oil futures Brent They were down $1.55, or 1.75%, to $86.81 a barrel. The contract fell as much as 3%, its biggest decline since Dec. 20, after hitting a seven-year high of $89.50 the day before.
The futures of West Texas Intermediate Oil in the United States (WTI) was down $1.52, or 1.78%, at $84.05 a barrel. The contract fell as much as 3.2%, also its biggest drop since Dec. 20, after rising to its highest level since October 2014 on Wednesday.
The recent rally in crude prices appeared to run out of steam on Thursday as Brent and WTI ended the session slightly lower, but both benchmarks have gained more than 10% so far this year and are headed for a fifth weekly rise. consecutive.
“The latest pullback is likely due to a combination of profit-taking ahead of the weekend and a lack of new bullish catalysts,” said Stephen Brennock, analyst at PVM, highlighting bearish data from the Energy Information Administration (EIA). .
The EIA reported on Thursday an increase in stocks in the United States, while gasoline inventories hit their highest level in 11 months, against industry expectations.
The EIA also reported a slight decrease in the operations of the refineries, which indicates a lower demand for crude oil.
However, analysts expect price pressure to be limited due to supply concerns and rising demand.
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