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With the opening of the market..Oil prices go down
Shafaq News/ Oil prices fell with the opening of the oil market today, Monday, after the second consecutive weekly decline after consumers in the world announced plans to release crude oil from strategic stocks and with the continuation of Chinese closures.
At 04:39 GMT, Brent crude fell $2.32 to $100.64 a barrel, while US crude lost $2.42 to $95.84. Last week, Brent fell 1.5 percent, while West Texas Intermediate, the US, fell 1 percent.
The market has been watching developments in China, where authorities have kept Shanghai, a city of 26 million people, under "zero tolerance" for COVID-19 and considers China the world's largest oil importer.
International Energy Agency (IEA) member states will release 60 million barrels over the next six months, with the US matching that amount as part of its release of 180 million barrels announced in March.
The IEA's issuance will reach nearly two million barrels of daily supply for the next two months - plus another million barrels from the US for four months after that, and it's unclear whether that will make up for the shortfall in Russian crude after that country came under heavy sanctions. following its invasion of Ukraine.
However, the OPEC + group of oil-exporting countries has not shown any tendency to increase its production targets by more than the 400,000 barrels per day that it was adding per month as part of restoring supply cuts.
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At 04:39 GMT, Brent crude fell $2.32 to $100.64 a barrel, while US crude lost $2.42 to $95.84. Last week, Brent fell 1.5 percent, while West Texas Intermediate, the US, fell 1 percent.
The market has been watching developments in China, where authorities have kept Shanghai, a city of 26 million people, under "zero tolerance" for COVID-19 and considers China the world's largest oil importer.
International Energy Agency (IEA) member states will release 60 million barrels over the next six months, with the US matching that amount as part of its release of 180 million barrels announced in March.
The IEA's issuance will reach nearly two million barrels of daily supply for the next two months - plus another million barrels from the US for four months after that, and it's unclear whether that will make up for the shortfall in Russian crude after that country came under heavy sanctions. following its invasion of Ukraine.
However, the OPEC + group of oil-exporting countries has not shown any tendency to increase its production targets by more than the 400,000 barrels per day that it was adding per month as part of restoring supply cuts.
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