Rally in US stocks push crude oil prices to its lowest level in three weeks

Crude oil pricesfell to its lowest level in three weeks, after the American Petroleum Institute data showed a continued rise in US inventories of crude oil, which had a negative impact on crude oil and push performance to decline for four consecutive sessions.

Prices of crude oilis currently trading at its highest level during the Wednesday session at $ 28.56 a barrel after the session opened today at $ 28.38 a barrel, it comes after crude oil prices fell yesterday to its lowest level in three weeks at $ 27.75 a barrel.

The current decline in crude oil prices came after the American Petroleum Institute announced the rising US crude oil inventories last week by 715 thousand barrels in addition to the rise in distillate stocks increased by 1.69 million barrels, while motor gasoline inventories rose by 3.1 million barrels.

High inventories of crude oil, reflecting a lower demand from the United States on crude oil and its derivatives, and also reflects the accumulation of stocks because of the abundance of production in the market.

Low crude oil prices comes despite lower levels of the US dollar against a basket of major currencies, the lowest level in four months because of the negative outlook in the markets to stop the Federal Reserve Bank of the policy of raising interest rates because of the negative tensions in the financial markets now.

While crude oil crisis remains in the decline in global demand due to the current economic slowdown, in addition to the expected rise in global crude oil production levels to reach record levels, pushing prices to drop to their lowest levels since long periods.