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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

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Oil prices are falling again

rocky
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Oil prices are falling again Empty Oil prices are falling again

Post by rocky Mon 28 Nov 2022, 5:13 am

[size=35][size=35]Oil prices are falling again[/size]
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Economie

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2022-11-28 | 00:50
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Oil futures fell more than $2 a barrel on Monday, with US West Texas Intermediate crude falling to its lowest level in 11 months, as protests in China, the largest oil importer, over the strict restrictions of Corona fueled concerns about demand.


Brent crude fell $2.16, or 2.6 percent, to trade at $81.47 a barrel at 0230 GMT, after falling to $81.16 earlier in the session, its lowest since Jan. 11.

US West [url=https://www.alsumaria.tv/Entity/2861960649/%D8%AA%D9%83%D8%B3%D8%A7%D8%B3 %D8%A7%D9%84%D9%85%D8%AA%D9%88%D8%B3%D8%B7%D8%A9/ar/]Texas Intermediate[/url] crude fell $2.08, or 2.7%, to $74.20 a barrel. Crude fell to $73.82 earlier, its lowest since December 27, 2021.






Both benchmarks, which hit 10-month lows last week, posted three straight weekly declines. Brent ended the last week down 4.6 percent, while WTI fell 4.7 percent.

"In addition to growing concerns about weak fuel demand in China due to an increase in COVID-19 infections, political uncertainty stemming from rare protests over the government's strict COVID-19 restrictions in [You must be registered and logged in to see this link.] has sparked a sell-off," said Hiroyuki Kikukawa, general manager of research at [url=https://www.alsumaria.tv/Entity/995257576/%D9%86%D9%8A%D8%B3%D8%A7%D9%86 %D9%84%D9%84%D8%A3%D9%88%D8%B1%D8%A7%D9%82 %D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9/ar/]Nissan Securities[/url].
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He added that the WTI trading range is expected to drop to between $70 and $75. He said the market could remain volatile depending on the outcome of the OPEC+ meeting and the Russian oil price cap.

China, the world's largest oil importer, has adhered to President [url=https://www.alsumaria.tv/Entity/1400958999/%D8%B4%D9%8A %D8%AC%D9%8A%D9%86 %D8%A8%D9%8A%D9%86%D8%BA/ar/]Xi Jinping[/url]'s "zero-COVID" policy even as much of the world has lifted most restrictions.

Hundreds of demonstrators and police clashed in [You must be registered and logged in to see this link.] on Sunday evening, after protests against China's strict [url=https://www.alsumaria.tv/Entity/127576/%D8%A7%D9%84%D9%85%D8%AC%D9%84%D8%B3 %D8%A7%D9%84%D8%B9%D8%A7%D9%84%D9%85%D9%8A %D9%84%D9%84%D9%85%D9%84%D8%A7%D9%83%D9%85%D8%A9/ar/]coronavirus[/url] restrictions broke out for a third day and spread to several cities following a fire that killed people in the far west of the country.

[url=https://www.alsumaria.tv/Entity/46756/%D8%AA%D9%83 %D9%83%D8%B1%D8%A7%D9%86%D8%B4 %D8%A7%D9%84%D8%A8%D8%B1 %D8%A7%D9%84%D8%B1%D8%A6%D9%8A%D8%B3%D9%89 %D9%84%D9%84%D8%B5%D9%8A%D9%86/ar/]Mainland China[/url] has not seen such a wave of civil disobedience since Xi came to power ten years ago, with frustration mounting over his zero-COVID policy after the outbreak of the pandemic nearly three years ago.

At the same time, diplomats from the G7 and the [url=https://www.alsumaria.tv/Entity/44154/%D8%A7%D9%84%D9%85%D8%AC%D9%84%D8%B3 %D8%A7%D9%84%D8%A3%D9%88%D8%B1%D9%88%D8%A8%D9%8A/ar/]European Union[/url] have discussed capping the price of Russian oil between $65 and $70 a barrel with the aim of limiting revenues to fund Moscow's military offensive in [You must be registered and logged in to see this link.] without disrupting global oil markets.

But EU diplomats said a meeting of EU government representatives, which was scheduled for the evening of November 25 to discuss the issue, had been cancelled.

The Russian oil price cap is set to take effect on Dec. 5, when the [url=https://www.alsumaria.tv/Entity/44154/%D8%A7%D9%84%D9%85%D8%AC%D9%84%D8%B3 %D8%A7%D9%84%D8%A3%D9%88%D8%B1%D9%88%D8%A8%D9%8A/ar/]European Union[/url]'s embargo on Russian crude kicks in.

Investors are also focusing on the upcoming meeting of OPEC +, which includes the Organization of the Petroleum Exporting Countries and its allies, on December 4th.

OPEC + had agreed in October to reduce the target level of its production by two million barrels per day until 2023.

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    Current date/time is Wed 01 Feb 2023, 4:24 pm