Black gold prices fell on news of rising fuel reserves in the United States and lower oil prices from Saudi Arabia.
World oil prices fell to their lowest levels in five months. This was confirmed by the trading data on the evening of Wednesday, December 6.
function news4645770() {
$.get(‘//’ + window.location.host + ‘/ajax/module.aspx?spm_id=444&id=4645770&lang=2&IsAjax=true’, function (data) { $(‘#nk4645770’).html(data); });
}
news4645770();
Thus, Brent oil for February delivery on the London ICE Futures exchange fell by $2.78 (-3.60%) to $74.42 per barrel. The $75 threshold was “broken” for the first time since July 4 of this year.
In turn, futures for WTI oil for January delivery on the New York Mercantile Exchange fell $2.90 (-4.01%) to $69.42 per barrel.
Western agencies write that oil prices are falling based on data from the US Department of Energy. The data showed a drop in the country’s oil reserves by 4.63 million barrels – to 445 million barrels. But at the same time, gasoline reserves in the United States increased by 5.42 million barrels last week, and distillate reserves by 1.27 million barrels.
The pressure on the market also resulted in information about Saudi Arabia’s first reduction in seven months in the price of the main oil grade supplied to Asia, Arab Light. In January, this grade was worth $3.5 per barrel over a basket of oil from Oman and the UAE, while the difference was $4.
This decision by Saudi Arabia has “added headaches” to oil market participants, said SPI Asset management managing partner Stephen Innes.
“The adoption of such a decision suggests that the main factors for the market are weakening before the beginning of 2024,” quoted the expert in Market Watch.
It was previously known that the United States has set a world record for oil production. The country’s production growth comes despite a more cautious approach to drilling.
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.