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[size=35][size=35]Oil prices .. Brent is falling, and US crude is giving up the gains of the previous session[/size][/size]
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2022-10-26 | 02:29
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Alsumaria News - Economy
Brent crude futures for December were down 72 cents, or 0.8%, at $92.8 a barrel by 03:30 GMT, after closing up 26 cents in the previous session.
And futures contracts for US light sweet crude for December delivery fell 48 cents, or 0.6%, to $ 84.84, reversing the gains of the previous session.
"The possibility of a global economic slowdown and monetary tightening outweighs the specter of supply cuts in recent weeks," ANZ Research analysts said in a note.
US crude stocks rose by about 4.5 million barrels in the week ending October 21, according to market sources, citing figures from the American Petroleum Institute.
While the increase in crude inventories has fueled fears of a global recession that will reduce demand, persistent supply constraints keep prices trading in a narrow range.
"The (OPEC) production cut that takes effect from November and the new European Union sanctions on Russian oil that come into effect from December should give a boost (to prices)," said Stephen Innes, managing partner at SBA Asset Management. .
US President Joe Biden announced, last week, a plan to sell the remaining record withdrawals from the Strategic [You must be registered and logged in to see this link.] Reserve by the end of the year, in an effort to reduce high gasoline prices.
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Economie
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2022-10-26 | 02:29
[You must be registered and logged in to see this image.]
565 views
Alsumaria News - Economy
Oil prices fell, today, Wednesday, after industry data showed that crude stocks in the United States rose more than expected, but supply concerns limited the losses.
Brent crude futures for December were down 72 cents, or 0.8%, at $92.8 a barrel by 03:30 GMT, after closing up 26 cents in the previous session.
And futures contracts for US light sweet crude for December delivery fell 48 cents, or 0.6%, to $ 84.84, reversing the gains of the previous session.
"The possibility of a global economic slowdown and monetary tightening outweighs the specter of supply cuts in recent weeks," ANZ Research analysts said in a note.
US crude stocks rose by about 4.5 million barrels in the week ending October 21, according to market sources, citing figures from the American Petroleum Institute.
While the increase in crude inventories has fueled fears of a global recession that will reduce demand, persistent supply constraints keep prices trading in a narrow range.
"The (OPEC) production cut that takes effect from November and the new European Union sanctions on Russian oil that come into effect from December should give a boost (to prices)," said Stephen Innes, managing partner at SBA Asset Management. .
US President Joe Biden announced, last week, a plan to sell the remaining record withdrawals from the Strategic [You must be registered and logged in to see this link.] Reserve by the end of the year, in an effort to reduce high gasoline prices.
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