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Oil prices are falling
14:48 - 10/03/2021
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Information / follow-up.
Oil prices fell, during trading today, Wednesday, for the third consecutive session, amid a wave of selling, as investors sold crude to reap profits.
Brent crude fell by 0.9 percent to 66.89 dollars a barrel, by 07:21 GMT, while the price of US West Texas Intermediate crude reached 63.47 dollars a barrel, down by 0.8 percent.
And prices gained support last week from the decision of "OPEC +" to maintain production cuts in next April, as they are to a large extent. Then prices jumped on Monday, as Brent rose above $ 70 a barrel, after attacks by the Houthis on the heart of the Saudi oil industry, before easing as tensions subsided.
"It is a realization that the attack has had no effect on supplies," said Virendra Chauhan, an analyst at Energy Aspects consultants in Singapore.
He added that a combination of factors, including that two major importers, India and China, were withdrawing crude from stockpiles in light of the current high prices and expectations of a return to [You must be registered and logged in to see this link.] supplies , so prices had calmed down.
In the United States, crude inventories rose by 12.8 million barrels in the week ending March 5, according to trade sources based on data from the American Petroleum Institute. Analysts had expected an increase of about 800,000 barrels. Ended / 25 o'clock
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