U.S. Oil Ends Below 90 USD Per Barrel

NEW YORK,Aug 5(UrduPoint / Pakistan Point News - 5th Aug, 2022 ) :Oil prices dropped on Thursday, driven by mounting demand worries.

The West Texas Intermediate for September delivery lost 2.12 U.S. dollars, or 2.3 percent, to settle at 88.54 Dollars a barrel on the New York Mercantile Exchange, its first finish below the 90-dollar-a-barrel threshold since February.

Brent crude for October delivery decreased 2.66 dollars, or nearly 2.8 percent, to close at 94.12 dollars a barrel on the London ICE Futures Exchange.

The pullback came after a selloff on the oil market, with the U.S. crude standard and Brent down 4 percent and 3.

7 percent, respectively, on Wednesday.

Data released Wednesday showed a jump in U.S. crude stockpiles last week, fueling concerns over demand weakness.

The U.S. Energy Information Administration said the nation's crude inventories increased by 4.5 million barrels during the week ending July 29. Analysts surveyed by S&P Global Commodity Insights had forecast a 1.7 million barrel drop in crude supplies.

The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, on Wednesday decided to increase production by 100,000 barrels per day for September.