Oil prices continue to decline to their lowest level: Oil prices have reached their lowest level in 5 months, despite signs of inventory availability.

The price of West Texas Intermediate crude fell by 3.8% to below $69 a barrel, its lowest level since June.
While the price of Brent crude futures contracts fell by 3.67%, reaching $73.24 per barrel.

Topics
Details

Expectation

Details

Prices continued to decline despite positive signs about the availability of supplies,
as the rate of Russian exports of seaborne oil jumped to the highest level since July.
On the other hand, one of the government agencies in the United States estimated that the United States
oil production capacity would increase by 30,000 barrels per day over the last month.

It should be noted that oil prices suffered their longest weekly loss since 2018,
losing more than a quarter of the peak they reached last September.

Expectation

Expectations of a continued recession in the United States and a slowdown in consumption growth in China
expected to increase expectations of a decline in demand in the first quarter.

The International Energy Agency, the Organization of the Petroleum Exporting Countries,
and the Ministry of Economy are awaiting the announcement of the latest reports on market fundamentals.
Investors are also awaiting the interest rate decision from the Federal Reserve.

Oil prices continue to decline to their lowest level

Oil prices continue to decline to their lowest level

Related Topics