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[size=36]Oil prices drop, Brent crude records $114 a barrel[/size]
Economie| 08:46 - 17/05/2022
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Mawazine News
- Oil prices fell on Tuesday, as Hungary resisted an effort in the European direction to ban Russian oil imports, in a move that could lead to a decline in global supplies, as well as investors taking profits after a recent rally.
Brent crude futures were down 22 cents, or 0.2%, at $114.02 a barrel by 03:27 GMT. Texas Intermediate crude futures were down 35 cents, or 0.3%, at $113.85 a barrel.
Both benchmarks rose more than 2% on Monday, following a 4% jump on Friday.
On Monday, European Union foreign ministers failed in their efforts to pressure Budapest to change its position on the proposal to impose an oil embargo on Russia in the wake of its invasion of Ukraine.
Passage of this proposal requires the approval of all EU member states.
But analysts said sentiment about prices remained generally high amid optimism about a recovery in demand in China, which is looking to ease restrictions to combat Covid-19.
And data from the US Department of Energy revealed yesterday, Monday, that stocks in the strategic oil reserve fell by 538 million barrels, the lowest level since 1987. Ended 29/N33
- Oil prices fell on Tuesday, as Hungary resisted an effort in the European direction to ban Russian oil imports, in a move that could lead to a decline in global supplies, as well as investors taking profits after a recent rally.
Brent crude futures were down 22 cents, or 0.2%, at $114.02 a barrel by 03:27 GMT. Texas Intermediate crude futures were down 35 cents, or 0.3%, at $113.85 a barrel.
Both benchmarks rose more than 2% on Monday, following a 4% jump on Friday.
On Monday, European Union foreign ministers failed in their efforts to pressure Budapest to change its position on the proposal to impose an oil embargo on Russia in the wake of its invasion of Ukraine.
Passage of this proposal requires the approval of all EU member states.
But analysts said sentiment about prices remained generally high amid optimism about a recovery in demand in China, which is looking to ease restrictions to combat Covid-19.
And data from the US Department of Energy revealed yesterday, Monday, that stocks in the strategic oil reserve fell by 538 million barrels, the lowest level since 1987. Ended 29/N33
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