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A sharp drop in oil prices



Crude oil futures fell sharply in trade Wednesday, with the US energy intelligence administration announcing a sharp increase in US oil reserves last week.

Oil prices are also affected by fears of falling demand, as the world economy is slowing down and the consequences of the escalating trade war between China and the United States.

Western Mexican crude oil, which is a benchmark in the United States, fell 1.71 dollars, or 2.7%, to 61.42 dollars a barrel in June.

Crude oil reserves in the US grew by 4.7 million barrels last week, while analysts predicted a drop of 600,000 barrels.

Stocks of gasoline grew by 3.7 million barrels last week, while diesel stocks grew by 800 thousand barrels.

Data from the US Oil Institute, published yesterday, showed crude oil stocks rose by 2.4 million barrels in the week ending May 17, while analysts expected a decline of 599,000 bp.

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