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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

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


    Oil plunges 5% below 90... Dollar brutality and weak demand

    Rocky
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    Oil plunges 5% below 90... Dollar brutality and weak demand Empty Oil plunges 5% below 90... Dollar brutality and weak demand

    Post by Rocky Mon 24 Oct 2022, 7:03 am

    Oil plunges 5% below 90... Dollar brutality and weak demand

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    Economy News-Baghdad
    Today, Monday, crude oil prices hit the barrier of weak demand, which casts a negative shadow on the markets, in conjunction with the rise of the dollar, which raises the cost of purchasing, transporting and insuring crude oil.
    Oil prices fell during today's trading to their lowest level since the beginning of this month, below ninety dollars, after recent data revealed a slowdown in China's demand for crude, which reinforced fears of oversupply in the markets.
    negative data
    Official data released today showed that China's crude oil imports reached 9.79 million barrels per day during September. Despite its rise from August, it was 2% lower than the same period last year, as independent wells cut production amid weak profit margins and a decline in demand.
    ING analysts said China's "zero-Covid" policy uncertainty and real estate crisis loomed despite better-than-expected growth in the country's third-quarter GDP.
    On the other hand, Goldman Sachs (NYSE:GS) expected that the plan of the administration of US President Joe Biden to continue withdrawing from the strategic oil reserve constitutes a limited downward trend for prices, after the administration announced last week a plan to withdraw an additional 15 million barrels by the end of this year.
    Prices now
    Brent crude, the benchmark, fell during these moments of trading, today, Monday, to its lowest level since October 3, down to levels near $ 89 a barrel, with a loss of $4 a barrel, or 4.2%.
    The US light NYMEX crude fell during these moments by more than 2.2%, or the equivalent of $2 per barrel, down to levels below $82 per barrel.
    what happened?
    Oil prices rose when settling Friday's trading, with cautious optimism about a recovery in crude demand and an assessment of supply concerns.
    Brent crude futures, the benchmark for December delivery, rose by 1.2%, or $1.12, to reach $93.50 a barrel upon settlement, recording a weekly gain of about 2%.
    The price of US West Texas crude for December delivery rose by 0.6%, or 54 cents, at $85.05 a barrel, rising 0.5% in the total this week.
    emergency reserve
    Brent crude rose last week, despite US President Joe Biden announcing the sale of the remaining 15 million barrels of strategic oil reserves, as part of a record launch of 180 million barrels that began in May.
    Biden indicated that his goal would be to replenish stocks when US crude reached about $70 a barrel.
    "Biden's comments that the United States will not buy crude until after prices reach $70 a barrel provide a strong level of support," ANZ said.
    The energy services company, Baker Hughes, said that US energy companies added, last week, oil and natural gas rigs for the second week in a row; The relatively high crude oil prices encouraged companies to dig more.

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    Added 10/24/2022 - 1:34 PM
    Update 10/24/2022 - 3:00 PM


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