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[size=36]Oil drops on economic expectations[/size]
Economie| 10:38 - 15/12/2021
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Baghdad - Mawazine News:
Oil prices fell today due to increasing expectations that supply growth will exceed demand growth in 2022, although "Omicron" did not lead to restrictions of the same severity that were imposed when other strains of Corona appeared.
Brent crude futures, the benchmark, fell 0.6% to $73.27 a barrel by 02:15 GMT, after losing 69 cents on Tuesday.
Meanwhile, US West Texas crude futures fell 0.7% to $70.21 a barrel. It had fallen 56 cents in the previous session.
The International Energy Agency said on Tuesday that an increase in Covid-19 cases with the emergence of Omicron will weaken oil demand at a time when production is expected to increase, especially in the United States, indicating that supply will exceed demand until the end of next year at least.
However, last Monday, OPEC raised its forecast for global oil demand in the first quarter of 2022, and stuck to its schedule to return to pre-pandemic levels, saying that Omicron will have a slight and short impact.
Another factor affecting the market is the appreciation of the dollar, which makes commodities denominated in it more expensive relative to other countries.
In another indication that pushes prices down, industry data showed that US crude inventories last week did not fall as much as expected.
Data from the American Petroleum Institute showed that crude stocks in the United States decreased by 815,000 barrels in the week ending on December 10, 2021, according to market sources, compared to a 2.1 million barrel drop expected by ten analysts polled by Reuters.
Oil prices fell today due to increasing expectations that supply growth will exceed demand growth in 2022, although "Omicron" did not lead to restrictions of the same severity that were imposed when other strains of Corona appeared.
Brent crude futures, the benchmark, fell 0.6% to $73.27 a barrel by 02:15 GMT, after losing 69 cents on Tuesday.
Meanwhile, US West Texas crude futures fell 0.7% to $70.21 a barrel. It had fallen 56 cents in the previous session.
The International Energy Agency said on Tuesday that an increase in Covid-19 cases with the emergence of Omicron will weaken oil demand at a time when production is expected to increase, especially in the United States, indicating that supply will exceed demand until the end of next year at least.
However, last Monday, OPEC raised its forecast for global oil demand in the first quarter of 2022, and stuck to its schedule to return to pre-pandemic levels, saying that Omicron will have a slight and short impact.
Another factor affecting the market is the appreciation of the dollar, which makes commodities denominated in it more expensive relative to other countries.
In another indication that pushes prices down, industry data showed that US crude inventories last week did not fall as much as expected.
Data from the American Petroleum Institute showed that crude stocks in the United States decreased by 815,000 barrels in the week ending on December 10, 2021, according to market sources, compared to a 2.1 million barrel drop expected by ten analysts polled by Reuters.
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