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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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Established in 2006 as a Community of Reality

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Oil prices fell more than 2% with fears of an accumulation of supply and the exacerbation of the new

rocky
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Oil prices fell more than 2% with fears of an accumulation of supply and the exacerbation of the new Empty Oil prices fell more than 2% with fears of an accumulation of supply and the exacerbation of the new

Post by rocky Fri 26 Nov 2021, 6:21 am


[size=30]Oil prices fell more than 2% with fears of an accumulation of supply and the exacerbation of the new strain


2021-11-26
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Yes Iraq: Follow up

Oil prices fell more than 2% on Friday on fears of a global oversupply in the first quarter of next year, after the coordinated release of quantities of crude reserves in major consumers led by the United States and with a new strain of the Corona virus that worried investors.
Brent crude futures continued to decline for the third consecutive session, and fell by $1.69, or 2.1 percent, to $80.53 a barrel by 0327 GMT. US West Texas Intermediate crude fell $2.04, or 2.6 percent, to $76.35 a barrel. A settlement price for US crude was not decided on Thursday due to the Thanksgiving holiday.
Kelvin Wong, an analyst at CMC Markets, said that oil prices were likely to decline in conjunction with the broader financial markets on fears that the new strain would damage demand by limiting movements again, while market participation fell due to holidays in the United States. According to Reuters.
US President Joe Biden's administration on Tuesday announced plans to release millions of barrels of oil from strategic reserves in coordination with other major consumer nations such as China, India and Japan in an effort to cool prices.
A source in the Organization of the Petroleum Exporting Countries (OPEC) said that such a release would likely lead to an increase in supplies in the coming months, according to the findings of a panel of experts advising ministers in OPEC countries.
The source said that the Council of the Economic Committee of OPEC expects a surplus of 400,000 barrels per day in December, increasing to 2.3 million barrels per day in January and 3.7 million in February if consuming countries go ahead with withdrawals.
Expectations of an increase in oil supply hang over the prospects of a meeting of OPEC +, the grouping of OPEC and its allies, on December 2 to decide on immediate production. The group will decide whether to continue to increase production by 400,000 barrels per day in January.
However, benchmark crude contracts are heading towards recording the first weekly increase in about a month, as the total amount of withdrawals from the reserves is estimated between 70 and 80 million barrels, which is less than what market participants had expected.
"Because the quantity is small, I think the goal is to ease supply tightness, not to make a big impact on oil markets," Tsutomu Sugimori, head of the Japan Petroleum Industry Association, told reporters Thursday evening.
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