Brent Crude falls by 0.6%, trades at $80 per barrel

Brent crude futures fell by 0.6% to $80.6 a barrel on Thursday, declining for the second session in a row and off from a 3-year high hit early Wednesday, amid an unexpected rise in US oil inventories that raised concerns over demand.

EIA crude stockpiles grew by 2,346 thousand barrels last week, compared to market forecasts of a-418 thousand barrel fall and following an increase in API crude inventory levels.

Traders worried that energy prices have rallied too fast to a point where they could risk growth in Q4 2021.

Meantime, natural gas prices eased slightly after Russia promised to send more supplies.

Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil.

Source: Trading Economics