Oil closed lower for fourth session in a row

Oil futures prices deepened their losses during Thursday’s trading, with renewed fears of weak demand following a rise in US inventories contrary to expectations last week, with the pace of production stabilizing, coinciding with declining expectations of a reduction in interest rates in the United States.

US crude fell by 3% during the week, while Brent crude fell by about 4%.

Upon settlement, futures contracts for standard Brent crude for July delivery fell by 0.65%, equivalent to 54 cents, at $81.36 per barrel, which is the lowest level of the contract since the end of the March 12 session, when it reached $80.95.

While the price of US West Texas Intermediate crude for July delivery fell by 0.9%, or 70 cents, to record $76.87 per barrel, which is the lowest contract settlement since the March 12 session, when it was $76.46.