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Oil prices are falling as supply disruption concerns fade
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Economy News _ Baghdad
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Added 11/24/2022 - 8:11 AM
Updated 11/24/2022 - 2:25 PM
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Economy News _ Baghdad
Oil prices fell today, Thursday, to extend the losses of the previous session, as fears of supply disruptions eased due to news that the Group of Seven countries is considering raising the ceiling for Russian oil prices.
Brent crude futures fell 18 cents, or 0.21%, to $85.23 a barrel by 04:02 GMT, while US West Texas Intermediate crude futures fell 3 cents, or 0.08%, to $77.88 a barrel.
Both benchmark contracts fell more than 3% on Wednesday on news that the planned price ceiling could be higher than the current market level.
The Group of Seven countries is considering a ceiling for Russian seaborne oil in the range of $65-70 per barrel, although EU governments have not yet agreed with each other on this issue.
Oil prices also came under downward pressure after the Energy Information Administration said on Wednesday that US gasoline and distillate inventories rose sharply last week, easing some concerns about market tightness.
Chinese cities also pressed lower oil prices, imposing more restrictions on Wednesday to curb surging coronavirus cases, adding to investor concerns about the economy and fuel demand.
Views 112
Added 11/24/2022 - 8:11 AM
Updated 11/24/2022 - 2:25 PM
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