Fri. PM KTFA News Articles 3-25-22

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Clare » March 25th, 2022

Oil is falling, and Brent is at $ 118 a barrel

03/25/2022 10:06:12 

{Economic: Al Furat News} Oil prices fell today, Friday, with supply concerns receding in light of the continued division of the European Union countries over the imposition of an oil embargo on Russia, while the United States and its allies are considering releasing more oil from the stockpile to calm the markets.

Brent crude futures fell 46 cents, or 0.4%, to $118.57 a barrel by 0529 GMT, after falling 2.1% in the previous session.

US West Texas Intermediate crude futures fell 47 cents, or 0.4%, to $111.87 a barrel, after losing 2.3% in the previous session.

Both contracts are heading to achieve their first weekly increase in three weeks, as “Brent” is heading for a 10% jump, while “West Texas Intermediate” is heading for a 7% rise after greater fears of a supply crisis caused by the European Union’s thinking to boycott Russian oil. earlier in the week.

Sources from “OPEC” said that officials believed that the European Union’s imposition of a possible embargo on oil from Russia would negatively affect consumers, and that the organization had informed Brussels of its concerns.

With global inventories falling to their lowest levels since 2014, analysts said the market was still unable to withstand any supply shock.

“Stocks are shrinking, which means, according to current data, that tightness in the market will continue,” said Baden Moore, a commodity analyst at National Australia Bank.  LINK

Source: Dinar Recaps

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