Oil prices fell nearly 1% on Thursday after US fuel stockpiles surged amid declining demand.
US gasoline stocks rose by 10.1 million barrels in the week to Dec. 31 to 232.8 million barrels, the US Energy Information Administration said.
OPEC's new Secretary-General, Haitham Al-Ghais, said that the organization and its market allies are flexible enough to cope with recent demand volatility.
The organization does not target a specific price for oil and the goal is to balance supply and demand, he told Asharq News.
The global benchmark Brent crude futures fell 0.9% to $80.07 a barrel at 9 am Makkah time. US West
Texas Intermediate (WTI) crude futures lost 0.9% to $77.15 a barrel.
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