Wednesday , March 29 2023

The price of oil falls before the offer rises; low weekly profiles


London /

oil prices they fall at a minimum of several months before global supply surge and investors worry about the impact of fuel demand due to low growth and commercial litigation.

gross reference Brent He lost 52 cents to $ 70.13 per barrel. In the week accumulated a loss of more than 3 percent and fell more than 14 percent this quarter.

In the meantime, West Texas Intermediary (WTI) earned 51 cents at $ 60.16 / barrel, down 4.3 percent a week and more than 20 percent since early October.

"The bearish train will not stop," said Stephen Brennock, oil broker analyst at London, PVM Oil. "Instead, the energy complex has widened a decline caused by the increase in world supply and the weakness of the demand side," he added.

Oil has reached high levels in October due to concern US sanctions on Iran they could deprive the oil market of substantial volumes of crude oil, reducing stocks and causing deficits in some regions.

However, other major oil countries such as Saudi Arabia, Russia and shale producers, such as the United States, have raised production consistently, more than offsetting lost Iranian barrels.

In the meantime, US sanctions probably will not reduce supply as much as expected as Washington gave exemptions to the largest buyers in Iran, which will allow them to buy limited quantities of crude oil for at least six months.


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