Oil prices decline on demand concerns

Oil prices declined on Thursday in the wake of latest US data that revealed a decline in fuel demand.

The data showed a decline in demand for gasoline in the United States to 8.78 million barrels per day during the past week, compared to the level of 9.16 million barrels per day in the previous week.

Meanwhile, Commonwealth Bank forecast showed that the average price of Brent crude is expected to reach $46 per barrel in the fourth quarter of this year, before reaching $55 a barrel by the end of 2021, according to Reuters.

In terms of trading, the benchmark Brent crude for November delivery fell by 0.3% to $ 44.28 a barrel, at 8.50 am Makkah time.

US West Texas Intermediate crude was at $41.43 a barrel, down 0.2%.