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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 is about to end 2022 on a high after a turbulent year

    Rocky
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    Oil is about to end 2022 on a high after a turbulent year Empty Oil is about to end 2022 on a high after a turbulent year

    Post by Rocky Fri 30 Dec 2022, 5:05 am

    Oil is about to end 2022 on a high after a turbulent year



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    2022-12-29 22:21
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    Shafaq News / Oil prices rose on Friday and are on their way to achieve gains for the second year in a row, albeit insignificantly, in a year characterized by tight supplies due to the conflict in Ukraine, the strength of the dollar and weak demand from China, the largest importer of crude in the world.
    Brent crude futures rose 44 cents, or 0.5%, to $83.90 a barrel by 0138 GMT, after settling down 1.2% in the previous session.



    US West Intermediate crude was $78.88 a barrel, up 48 cents, or 0.6 percent, after closing down 0.7 percent on Thursday.
    Brent crude is expected to end 2022 with a gain of 5.76%, after rising 50.2% in 2021. Prices rose in March to a peak of $139.13 a barrel, a level not seen since 2008, after Russia invaded Ukraine and raised concerns about supplies and energy security.
    WTI is on track to rise 4.5 percent in 2022 after gains of 55 percent in 2021.
    "This year was an exceptional year for commodity markets as supply risks led to increased volatility and higher prices," said Ewa Manthe, analyst at ING.
    "Next year is set to be another year of uncertainty with a lot of ups and downs," he added.
    Oil prices fell rapidly in the second half of this year as central banks around the world raised interest rates to fight inflation and the dollar's rise. This made dollar-denominated commodities a more expensive investment for holders of other currencies.
    China's coronavirus restrictions, which were eased only in December, have also dashed hopes of a recovery in oil demand for the world's second-largest crude consumer. While oil demand in China is set to recover in 2023, rising COVID-19 cases and fears of a global recession hamper commodity demand prospects.
    "The recent easing of travel restrictions was expected to increase demand for oil, however the sharp increase in coronavirus cases in China has raised serious concerns about an outbreak," said John Driscoll, director of JTD Energy Services, an energy consultancy. potential global.
    In terms of supplies, Western sanctions will prompt Russia to divert more exports of crude and refined products from Europe to Asia.
    In the United States, production growth slowed in the largest oil-producing countries, despite higher prices.
    Reuters
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