The price of oil fell to the lowest level in the last five months after the information about an increase in the expected increase in gasoline stocks in the United States raised concerns in the market about the change in demand, according to Reuters, which is quoted by Agerpres.

Brent crude futures were down 2.53% at $75.27 a barrel by 1558 GMT, while WTI crude futures were down 3.03% at $70.14 a barrel . That’s after both indexes ended the trading session at their lowest since July 6 on Tuesday, with Tuesday marking the fourth straight session of declines.

The U.S. Energy Information Administration reported that U.S. gasoline inventories rose by 5.4 million barrels last week, more than five times the 1 million barrel increase expected by analysts. In addition, crude oil inventories fell by 4.6 million barrels, well above the 1.4 million barrel decline expected by analysts.

“There is a phenomenon of demand destruction that comes from the fuel side. At the moment, the market is more focused on demand than on supply,” emphasizes Dennis Kissler, vice president of BOK Financial.

Last week, the Organization of the Petroleum Exporting Countries and its allies agreed to voluntarily cut production by about 2.2 million barrels per day in the first quarter of 2024. In recent days, several officials in Saudi Arabia and Russia have said that production cuts could be extended or extended beyond March next year.

Russian President Vladimir Putin arrived in the United Arab Emirates on Wednesday, where he is expected to discuss oil and OPEC+ with regional leaders.

Another factor weighing on oil prices is concern about the health of China’s economy, a day after a rating agency revised its outlook for China’s country rating from “stable” to “negative,” Reuters reported.