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Commodities

28 Oct 2021

Brent Crude Oil Hits Two-Week Low

The Index Today

On Wednesday, oil prices saw a decline for two consecutive days, reaching to its lowest level in the past two weeks. Brent crude fell $1.36 to $83.22 a barrel after dropping 2.1% in the last session.

On the other hand, U.S oil fell to $81.38 a barrel after reporting a decline of 2.4% last Wednesday. Crude stocks went up 4.3 million barrels, which is more than double the 1.9 million forecast provided by the U.S Energy Department.

Gas stocks went down by 2 million barrels, recording its lowest level ever in almost four years. The storage of crude stock is expected to stay low in the upcoming months.

Clay pottery with table linens