US crude futures fall more than 10%

SANAA, June 12 (YPA) – Oil prices tumbled on Thursday, with US crude futures falling more than 10% to the session low at $ 35.54 a barrel.

Data from the US Energy Information Administration showed that US crude oil inventories rose unexpectedly by 5.7 million barrels in the week ending June 5 to 538.1 million barrels, a record level as imports received support from the arrival of supplies purchased by refiners when Saudi Arabia flooded the market with supplies In March and April.

Market analyst, Jeffrey Haley, said that the impact of the rise in Saudi imports on pricing should be temporary, adding that despite this, in the short term, oil appears to be at risk of a downward correction.