Oil:

Oil has dropped below the $70 mark, reaching $67.9 per barrel due to several recent events. Foremost among these is Saudi Arabia potentially abandoning its unofficial target of $100 per barrel.
Additionally, Saudi Arabia is committed to resuming production at the start of December, which will significantly increase the supply in the markets.
The Kingdom is unwilling to continue losing its market share to other producers.

China:

The ongoing crisis in the Chinese economy is one of the main factors affecting oil prices, due to reduced demand from China.
This situation is expected to persist into next year, with pessimism surrounding the timeline for resolving China’s economic crisis, despite recent economic stimulus efforts. Last week, China introduced its largest economic stimulus package yet, but markets seem to believe this will not be enough to resolve the economic and real estate challenges facing China, which will likely contribute to a further decline in oil prices in the coming months.

Libya:

On the other hand, Libyan factions have agreed on a leadership strategy for the Central Bank of Libya in the coming period.
This agreement is expected to help restore Libyan oil production to normal levels,
contributing to an increase in oil supply in the markets.
Additionally, the global economic slowdown,
which may affect major economies in the near future,
especially with the International Monetary Fund (IMF) lowering global growth forecasts,
is another factor likely to influence oil prices.

Oil Witnesses Strong Declines in Recent Sessions

Oil Witnesses Strong Declines in Recent Sessions

Related Topics