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Samson » November 18th, 2021
US pressure lowers oil prices
18th November, 2021
Oil prices fell, today, Thursday, as the United States asked major crude consumers to free its crude from strategic reserves
The administration’s attempt to shock markets comes as inflationary pressures, driven in part by rising energy prices, are starting to trigger a political backlash, as the world intermittently recovers from the worst health crisis in a century
And US crude fell 71 cents, or 0.91 percent, to $ 77.65 a barrel by 05:06 GMT, after falling 3 percent overnight
Brent crude fell 33 cents, or 0.41 percent, to $79.95 a barrel, after falling 2.6 percent to its lowest close since early October on Wednesday
Prices reached their highest levels in seven years last month as the market focused on the rapid rise in demand, which coincided with the lifting of closures and the recovery of economies in the face of a slow increase in supplies from the Organization of the Petroleum Exporting Countries (OPEC) and its allies. OPEC +
The International Energy Agency and OPEC have said in recent weeks that there will be more supply in the next several months, and OPEC+ is maintaining a deal to increase production by 400,000 barrels per day per month so as not to flood the market with supplies
America has asked major oil consumers to free crude oil from its strategic reserves to reduce prices, but the current proposal represents an unprecedented challenge to OPEC, the cartel that has affected oil prices for more than five decades, because it includes China, the largest importer of crude in the world
Source: Dinar Recaps
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