Brent crude is trading at its lowest level in two weeks

Brent crude prices fell to a two-week low during yesterday's trading, while witnessing a slight rise during the Asian session on Wednesday, this comes amid continuing fears of oversupply of crude oil in the market in addition to the rise in US inventories of crude oil.

Brent crude is currently trading at the level of $ 31.04 a barrel after it opened today's session at $ 30.92 a barrel comes after crude prices fell yesterday to its lowest level in two weeks at $ 30.28 a barrel.

The low price of Brent crude comes after the American Petroleum Institute announced the rising of US crude oil inventories last week by 715 thousand barrels in addition to the rise in distillate stocks by 1.69 million barrels, while motor gasoline inventories rose by 3.1 million barrels.

On the other hand, the negative impact on the market because of the continuing weak growth outlook in the global economy which would adversely affect the demand for crude oil at a time when production rates have been a record high.

The current tension in the balance of supply and demand for crude oil pushes Brent crude to fall to low levels, especially with the expectation that these conditions may persist for a longer period of time in light of the continuation of the same factors on the presence in the market.