Black gold falls in price on news of increased production and exports in the United States and Saudi Arabia.
World oil prices fell sharply and hit their lowest levels since the beginning of July on news from the United States and Saudi Arabia. This was confirmed by the trading data on Thursday, November 16.
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Thus, Brent oil for January delivery on the London ICE Futures exchange fell by $3.56 (-4.39%) to $77.62 per barrel.
And WTI oil futures for December delivery on the New York Mercantile Exchange were down $3.55 (-4.63%) at $73.11 a barrel.
Western agencies wrote that oil prices are falling based on data from the US Department of Energy, which showed an increase in oil reserves in the country to the highest level since August. In two weeks they grew by 17.5 million barrels.
In addition, the market is analyzing new data from the Joint Organization Data Initiative (JODI), according to which Saudi Arabia increased oil production in September compared to the previous month by 0.6%, and the export of 3 %.
According to the same data, the United States increased oil production by 4.8% throughout the year, and exports in September by 19.8% compared to the same period last year.
We remind you that on November 8, the price of Brent oil dropped below $80 per barrel. This happened for the first time since July 21 of this year due to forecasts that the demand for gasoline in the United States will fall to a record level.
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.