Oil price trades below $80 as EIA loses 3.8 million barrels

Crude oil prices traded lower to $80 per barrel in the international market after the US Energy Information Administration reported an inventory decline of 3.8 million barrels for the week to June 16 on Thursday.

At 463.3 million barrels, the EIA said, inventories were around the five-year average for this time of the year.

Specifically, Brent Crude lost 3.93 per cent to close at $74.09 per barrel, and WTI Crude dipped 4.25 per cent to close at $69.44 a barrel.

Murban Crude was down by 2.19 per cent or 1.72 to close at $76.68, Natural Gas lost 0.08 per cent translating 0.022 to close at $2.575, while Gasoline Price crashed to $2.546 having shed 2.96 per cent.

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Nigeria’s Brass River and Qua Iboe appreciated by 1.25 per cent or 0.98 to close at $78.29 a barrel respectively.

Meanwhile, as the summer driving season moves into full swing, gasoline prices are on the decline, likely to stimulate greater demand during this peak season.

China’s slower-than-expected recovery, Russia’s resilient oil exports and concern about a global recession have all combined to press prices at the pump lower, the Wall Street Journal reported earlier this month.

Speaking of prices, crude oil inched up in the early hours, driven by expectations of a hawkish speech by Fed chair Jerome Powell when he gives his half-year testimony to Congress on Wednesday and Thursday.