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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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After a rally, oil is declining and optimistic expectations for prices at the end of 2021

rocky
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After a rally, oil is declining and optimistic expectations for prices at the end of 2021 Empty After a rally, oil is declining and optimistic expectations for prices at the end of 2021

Post by rocky Tue 26 Oct 2021, 7:09 am

After a rally, oil is declining and optimistic expectations for prices at the end of 2021

  •  Time: 10/26/2021 10:12:35
     
  •  Reading: 897 times

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{Economic: Al Furat News} Oil prices fell today, Tuesday, after a rally that was driven by strong demand in the United States, the largest consumer of oil and its derivatives in the world.
US West Texas Intermediate crude futures fell 0.3 percent to $83.55 a barrel, by 01:43 GMT. 
Brent crude futures also fell 0.2 percent to $85.79 a barrel, after rising 0.5 percent on Monday.
"The outlook for a cooler November has energy traders bracing for a very tight market with unprecedented demand this winter," Edward Moya, chief market analyst at OANDA, said in a note.
For its part, Goldman Sachs said that a strong recovery in global demand for oil could push Brent crude prices, the global benchmark, to exceed its year-end forecast of $90 a barrel.
After more than a year of lower fuel demand, gasoline and distillate consumption is back in line with five-year averages in the United States.
Meanwhile, investment bank "Goldman Sachs" said that a strong recovery in global demand for oil could push Brent crude prices, the global benchmark, to exceed its expectations for the end of the year of $90 a barrel.
The American investment bank added that it expects oil demand to soon reach pre-Covid-19 levels of about 100 million barrels per day, with consumption recovering in Asia after the wave of the mutated strain Delta.
The bank also expected that the switch from gas to oil may add at least one million barrels per day to the demand for crude.
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