Oil Rises After A Week Of Intense Sales Due To Supply And Demand Concerns
Saturday 18, November 2023 08:41 | Economical Number of readings: 273 Baghdad / NINA / The price of Brent crude oil, the global standard, remained below $80 per barrel, a day after it fell 5% to the lowest level in 4 months due to increasing fears of escalating supplies from outside the Organization of the Petroleum Exporting Countries (OPEC) and slowing demand.
By yesterday evening, Friday, Brent crude futures rose $1.34, or about 1.7%, to $78.76 per barrel, and US West Texas Intermediate crude rose to $74.1, an increase of $1.2, or about 1.7% as well.
The two benchmarks lost about one-sixth of their value over the past four weeks, and prices are heading towards recording a fourth week of losses.
“Oil prices have fallen slightly this year, although demand has exceeded our optimistic expectations,” Goldman Sachs analysts said in a note.
They added, "OPEC's non-essential supplies were much stronger than expected, and partially offset the OPEC cut."
The reason for the decline in oil this week was mainly due to the sharp rise in US crude inventories and the continuation of production at record levels, and the shrinking demand in China also raised concerns./ End https://ninanews.com/Website/News/Details?key=1090476
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