Oil prices continue to decline

Baghdad-INA 

Oil prices recorded a new decline, below $94 a barrel and brent crude futures recorded a decline of more than $3 to $93.74 a barrel, the lowest since February 21.

The US crude futures fell last updated to $88.12 a barrel, the lowest since February 3.

Also the Concerns about the global economic slowdown have led to a drop in oil prices in recent weeks, as US oil has fallen by about 27% since it closed at $123.70 a barrel on March 8.

Oil prices fell, on Wednesday, after the US Energy Information Administration said that weekly oil stocks rose by 4.5 million barrels last week, compared to expectations for a decrease and gasoline stocks rose slightly.