Oil drilling rigs
Oil declined today, April 13, snapping its two-session positive trend as traders await the monthly OPEC report, which will be issued later today.
International benchmark Brent crude was trading down 0.27% at $87.09 a barrel, at 09:55 am Makkah time.
West Texas Intermediate (WTI) crude fell 0.16% to reach $83.13 a barrel, after gaining nearly 4.4% over the past two days.
Fatih Birol, Head of the International Energy Agency said that the demand for oil may exceed supply in the second half of the year.
Meanwhile, official data released today showed China's crude oil imports rose 22.5% in March year-on-year, as refineries ramped up operations in anticipation of the economic recovery.
US Energy Secretary Jennifer Granholm said on April 12 that the Joe Biden administration plans to refill the Strategic Petroleum Reserve soon.
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