US oil inventories data recorded a significant decline of more than 6 million barrels, while expectations were hovering around an increase in the range of 1.6 million barrels, after industry data showed a sudden decline in US crude stocks last week, in an indication of increased demand and a shift in attention away from tensions in the East. Middle.
Data from the US Energy Information Administration revealed a decrease in oil inventories by 6.368 million barrels, compared to expectations of an increase of about 1.600 million barrels, while the previous reading recorded an increase of 2.735 million barrels.
The price of US crude oil fell below $83 a barrel on Wednesday after rising nearly 2% in the previous session, and some of Brent's gains were reversed by about 1.6% from the previous session when the market was strengthened by a weak dollar and investors reducing their concerns about the conflict in the Middle East.
This data and the oil market movement come as the market focus shifts back to supply and demand fundamentals as the threat of war between Israel and Iran fades.
