The reasons for the decline of crude oil

Crude oil prices fell on Thursday for the second consecutive session of declines, as WTI futures fell to about 63 dollars per barrel on Thursday, continuing their decline by 2.5% from the previous session amid concerns about the possibility of OPEC increasing supplies.

Reports indicate that OPEC will discuss new production increases at its policy meeting this weekend.

The move, aimed at regaining market share, could prompt the group to start easing production cuts of 1.65 million barrels per day, equivalent to about 1.6% of global demand.

Adding to the downward pressure, US crude oil inventories rose by 0.6 million barrels last week, defying expectations of a decrease of 3.4 million barrels, indicating weak demand and oversupply.

Doubts about the outlook for fuel demand were heightened by economic data showing a slowdown in the United States.