Oil prices fell on Thursday, after posting the biggest gain in three days since March.
According to Arabiya Net, West Texas Intermediate crude futures in New York fell below $68 a barrel after rising nearly 10% during the past three sessions, while Brent crude is trading below $72 a barrel.
Drinking US inventories, along with recovering demand in India and China's containment of the latest coronavirus outbreak, are providing some positive indicators for the market, but movement restrictions remain in place in many countries. Regions due to the fast-spreading delta mutant of the Corona virus.
Oil has seen volatility this month, recovering some losses this week after the worst series of declines since October 2019. The market is looking for any changes to production policy from the OPEC+ alliance when The group meets on September 1.
Investors will also be watching closely the Jackson Hole meeting starting Thursday, for insights into how the Federal Reserve may ease stimulus.
The dollar has also risen, making raw materials like oil more expensive for investors.
US crude stocks fell 2.98 million barrels last week, according to Energy Information Administration data. Gasoline stocks fell by 2.24 million barrels.
