Samson » October 1st, 2022
A record drop in Brent crude in the third quarter.. Prices fell 23% to $ 87.9
1st October, 2022
Oil prices fell in a session, on Friday, in volatile trading, but it achieved its first weekly gain in 5 weeks, supported by the possibility of the OPEC + group agreeing to reduce crude production when it meets on the fifth of October
Brent crude futures for November, which expired on Friday, fell 53 cents, or 0.6%, to $87.96 a barrel. The most active December futures contract fell $2.07 to $85.11 a barrel. US West Texas Intermediate crude futures fell $1.74, or 2.1%, to $79.49 a barrel upon settlement
Brent and West Texas Intermediate each rose more than a dollar earlier in the session, but fell back on news that OPEC oil production rose in September to its highest level since 2020, exceeding the increase pledged by producing countries for this month, according to a Reuters survey. Brent and West Texas Intermediate rose 2% and 1% on a weekly basis, to record their first weekly rise since August, after hitting their lowest levels in 9 months this week
Oil prices rose, supported by the dollar’s decline earlier in the week from its highest levels in 20 years. The decline of the dollar makes oil denominated in the US currency cheaper for holders of other currencies, which improves demand
The market had received support from the possibility of the Organization of Petroleum Exporting Countries “OPEC” and its allies cutting production quotas at their meeting to be held on the fifth of October
Analysts expect production cuts as demand concerns related to a possible global economic recession and higher interest rates weighed on crude oil prices
Brent and WTI prices ended the third quarter with significant declines of 23% and 25%, respectively LINK
Source: Dinar Recaps
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