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Oil prices fell to $103 in international markets on Thursday, as a rise in US inventories fueled concerns about demand and renewed supply from Libya and Russia eased fears of a supply shortage.
On the London market, the price of a barrel after noon was $3.88 lower than at yesterday’s close and reached $103.04. In the US market, a barrel traded at a lower price of $3.79, from $96.09.
Prices have fluctuated strongly in recent days, reflecting a shift in focus to weaker demand and reduced supply from Russia.
Today, concerns about demand prevailed due to the increase in interest rates with which central banks try to curb inflation, but at the same time curb economic growth.
The European Central Bank (ECB) today raised interest rates in the eurozone by half a percentage point, more than it had warned, assuming the fight against inflation to support the weakened economy.
Traders read weakening demand from a rise in US gasoline inventories last week, by 3.5 million barrels, according to official government data, much more than expected.
“Demand for gasoline in the US is not growing at all, and at the height of the summer travel season,” said PVM analyst Stephen Brennock.
Higher supply from Libya has weighed on prices. The National Oil Corporation (NOC) reported on Wednesday that it has resumed production at some oil fields, after lifting a ‘force majeure’ export order last week.
Russian gas supplier Gazprom has restarted the delivery of gas to Europe through the North Stream 1 gas pipeline, after the completion of maintenance works. The gas pipeline is a key supply route through which more than a third of imported Russian gas reaches the EU.
The Organization of the Petroleum Exporting Countries (OPEC) reported separately that a barrel of its members’ oil basket was at $109.93 on Wednesday, down 34 cents from the previous day’s trade.
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