The prices of Petroleum They fell at the opening of this Friday, January 21, after an unexpected accumulation in gasoline reserves in the US, the largest consumer of oil in the world.
The US benchmark West Texas Intermediate (WTI) fell to $83.92 a barrel at the same time with a 1.90% loss after trading in the previous session ended at $85.55 a barrel.
International benchmark Brent crude, meanwhile, was trading at $86.81 a barrel at 06:56 GMT, down 1.77% after closing the previous session at $88.38 a barrel.
According to international media, the drop in oil prices was driven by massive increases in US gasoline and crude oil stocks. With US demand declining, such a large inventory build encouraged investors to capitalize on their high profits.
This, as gasoline inventories in the North American country increased by 5.9 million barrels during the week ending January 14, reaching their highest level since February 2021, while crude oil inventories increased by 500,000 barrels to 413.9 million barrels, well above the market expectation of a drop of 1.4 million barrels.
Prices were supported this week by heightened tensions in the United Arab Emirates after three fuel tankers were attacked in the Musaffah industrial area of the capital Abu Dhabi on Monday, in an alleged assault by Houthi militias based in Yemen. In retaliation, in a Saudi-led coalition airstrike on Tuesday, a Houthi commander was killed in Sanaa, Yemen’s capital.
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