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[size=36]After a noticeable rise, oil is in the red zone[/size]
Economie| 12:44 - 23/07/2021
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Oil prices fell on Friday, but crude is on track to end the week unchanged after rebounding from a sharp drop last Monday, supported by expectations that supply will remain tight as demand recovers.
Brent crude fell 0.2 percent to $ 73.68 a barrel, by 08:10 GMT, after jumping 2.2 percent on Thursday.
Meanwhile, US West Texas Intermediate crude fell 0.3 percent to $71.73 a barrel, after rising 2.3 percent yesterday.
On a weekly basis, Brent crude is heading to end the week stable after declining in the previous three weeks. US crude is also expected to remain stable during the week.
Both contracts fell by about seven percent last Monday, but they made up for all those losses, with investors expecting demand to remain strong and the market receiving support from falling oil stocks and high vaccination rates.
Demand growth is expected to exceed supply after an agreement last Sunday between the Organization of the Petroleum Exporting Countries "OPEC" and its allies, within the framework of the "OPEC +" group, to return 400,000 barrels per day every month starting from August 2021.
Analysts from "AN" said Z Research" in a report that "the market is beginning to feel that the increase of 400,000 barrels per day will not be enough to maintain market balance, and that stocks in the United States and in the countries of the Organization for Economic Cooperation and Development are declining." Ended 29 / A43
Brent crude fell 0.2 percent to $ 73.68 a barrel, by 08:10 GMT, after jumping 2.2 percent on Thursday.
Meanwhile, US West Texas Intermediate crude fell 0.3 percent to $71.73 a barrel, after rising 2.3 percent yesterday.
On a weekly basis, Brent crude is heading to end the week stable after declining in the previous three weeks. US crude is also expected to remain stable during the week.
Both contracts fell by about seven percent last Monday, but they made up for all those losses, with investors expecting demand to remain strong and the market receiving support from falling oil stocks and high vaccination rates.
Demand growth is expected to exceed supply after an agreement last Sunday between the Organization of the Petroleum Exporting Countries "OPEC" and its allies, within the framework of the "OPEC +" group, to return 400,000 barrels per day every month starting from August 2021.
Analysts from "AN" said Z Research" in a report that "the market is beginning to feel that the increase of 400,000 barrels per day will not be enough to maintain market balance, and that stocks in the United States and in the countries of the Organization for Economic Cooperation and Development are declining." Ended 29 / A43
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