Oil fell as Chinese demand plummeted and US production increased

Washington - The Arabs today

Oil prices lost their previous gains on Friday and fell with the rise in US production as well as signs of falling demand in China, which weighed heavily on the markets, although
supply problems in Venezuela and continued OPEC cuts have given some support

After rising slightly early in the session, Brent crude oil futures contract was $ 77.06 a barrel, down 26 cents, or 0.3% from its previous close.

US crude oil futures in Western Texas were down 18 cents or 0.3% $ 65.77 a barrel.

Chinese oil imports fell in May The record high was recorded in the previous month, according to customs data on Friday as state-run refineries entered pre-scheduled maintenance.

May shipments reached 39.05 million tonnes, or 9.2 million barrels per day, according to figures from the General Administration of Customs. In April, April was 9.6 million barrels per day.

Prices were also affected by the increase in US production, which hit a record high of 10.8 million barrels a day last week.

This means an increase of 28% in two years or an average annual growth of 2.3% Since mid-2016. The US is close to becoming the largest producer of crude oil in the world as it falls below the level of 11 million barrels per day pumped by Russia.

The increase in US production has increased the price of West Texas crude from Brent to exceed the $ 11 a barrel Its highest level since 2015.

William Olokelin, an investment analyst at Lehman, said "This is happening because of the rapid increase in US rock production and the scarcity of supplies elsewhere through the actions of OPEC and Russia."

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