Oil prices fell today, amid concerns about an abundance of supply, after rising by about 3% during the previous session.
Brent crude futures fell 24 cents to 76.72 dollars a barrel, and US West Texas Intermediate crude fell 21 cents to 72.62 dollars a barrel.
Yesterday, both benchmarks rose by about 3 %, amid optimism about oil demand and the debt ceiling negotiations in the United States.
Oil prices are under pressure, including the unexpected jump in US oil inventories last week, due to a new withdrawal from the Strategic Petroleum Reserve.
Inventories increased by five million barrels in the week ending May 12 to 467.6 million barrels, compared to expectations of a decline of 900 thousand barrels./ End
Source: National Iraqi News Agency