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[size=36]Oil prices make a narrow move at $110 a barrel[/size]
Economie| 10:22 - 06/24/2022
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Follow-up - Mawazine News
: Oil prices moved, today, Friday, in a narrow range, after rising for a brief period, about a dollar a barrel, as the market balanced between fears of slowing demand due to the decline in economic activity in the United States and the uncertainty surrounding supplies.
Brent crude futures fell 5 cents, or 0.1%, to $110 a barrel by the hour, while US West Texas Intermediate crude futures rose 19 cents, or 0.2%, to $104.46 a barrel.
Prices had fallen about 1.5 percent in the previous session, according to "Reuters".
Steven Innes, managing partner at SBI Asset Management, said that crude futures are back in sell-side mode after the US manufacturing and services PMI reading came well below expectations, along with a decline in data. manufacturing in Germany.
He added, "Under these circumstances, high crude oil prices will become very sensitive to any increase in supply inputs," noting the increasing pressure on "OPEC" to boost production.
Sources said that "OPEC" and allied producing countries, including Russia, will likely stick to the plan to accelerate the increase in oil production in August in the hope of easing high oil prices and inflation.
At its last meeting on June 2, the group known as “OPEC +” agreed to increase production by 648,000 barrels per day in July, or 0.7% of global demand, and by the same amount in August, up from an initial increase of 432,000 barrels per day. Over a period of three months until next September. Ended 29 AD 99
: Oil prices moved, today, Friday, in a narrow range, after rising for a brief period, about a dollar a barrel, as the market balanced between fears of slowing demand due to the decline in economic activity in the United States and the uncertainty surrounding supplies.
Brent crude futures fell 5 cents, or 0.1%, to $110 a barrel by the hour, while US West Texas Intermediate crude futures rose 19 cents, or 0.2%, to $104.46 a barrel.
Prices had fallen about 1.5 percent in the previous session, according to "Reuters".
Steven Innes, managing partner at SBI Asset Management, said that crude futures are back in sell-side mode after the US manufacturing and services PMI reading came well below expectations, along with a decline in data. manufacturing in Germany.
He added, "Under these circumstances, high crude oil prices will become very sensitive to any increase in supply inputs," noting the increasing pressure on "OPEC" to boost production.
Sources said that "OPEC" and allied producing countries, including Russia, will likely stick to the plan to accelerate the increase in oil production in August in the hope of easing high oil prices and inflation.
At its last meeting on June 2, the group known as “OPEC +” agreed to increase production by 648,000 barrels per day in July, or 0.7% of global demand, and by the same amount in August, up from an initial increase of 432,000 barrels per day. Over a period of three months until next September. Ended 29 AD 99
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