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2022-11-16 | 01:42
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Alsumaria News - Economy
Oil prices fell in early Asian trading, on Wednesday, with the continued rise in cases of Covid-19 in China, which raised fears of lower demand for fuel in the largest importer of crude in the world, which overshadowed concerns about the escalation of geopolitical tension and the waning of supply of oil.
Oil prices settled higher on Tuesday after oil supplies to parts of eastern and central Europe were temporarily suspended through part of the Druzhba pipeline, according to the pipeline operators in Hungary and Germany.[You must be registered and logged in to see this link.].
The unrest coincided with an explosion in a village in eastern Poland near the Ukrainian border that killed two people and raised the prospect of a spillover of the Russia-Ukraine conflict.
And in[You must be registered and logged in to see this link.]An increase in COVID-19 cases is weighing on sentiment despite hopes that coronavirus-related restrictions were eased this week.
This weakened expectations of oil demand growth, as the International Energy Agency expected demand growth to slow to 1.6 million barrels per day in 2023 from 2.1 million barrels per day this year.
Earlier, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth in 2022 for the fifth time since April due to escalating economic challenges.
Brent crude futures fell 60 cents, or 0.6 percent, to $93.26 a barrel by 0501 GMT, while US West Texas Intermediate crude futures fell 69 cents, or 0.8 percent, to $86.23 a barrel.
Industry data showed a larger-than-expected decline in US crude inventories, which provided some support for oil prices.
US crude oil inventories fell by about 5.8 million barrels in the week ending November 11, according to market sources citing American Petroleum Institute figures.
Official US inventory data is due to be released from[url=https://www.alsumaria.tv/Entity/1623929112/%D8%A5%D8%AF%D8%A7%D8%B1%D8%A9 %D9%85%D8%B9%D9%84%D9%88%D9%85%D8%A7%D8%AA %D8%A7%D9%84%D8%B7%D8%A7%D9%82%D8%A9/ar/]Energy information management[/url]at 10:30 a.m. EST (1530 GMT).
In the US, producer prices rose less-than-expected in October, indicating that inflation is beginning to subside, [You must be registered and logged in to see this link.] could allow the Federal Reserve to slow the pace of interest rate hikes.