2024-03-11 18:28:01
Oil prices recorded a decline today, Monday, and Brent crude, the international standard, fell below the level of $82 a barrel, with the decline of fears about the war in the Middle East, which is disrupting supplies, and the decline in demand in China.
Sharjah 24 – Reuters:
Oil prices fell on Monday, with Brent crude falling below $82 a barrel, as concerns about fighting in the Middle East disrupting supplies eased, as did demand in China.
By 14:44 GMT, Brent crude futures fell 58 cents to $81.50 per barrel, and US West Texas Intermediate crude fell 93 cents, or 1.2, to $77.08.
Tamas Varga from BVM Oil explained that it appears that the conflict in the Middle East is not at the top of the list of driving forces for investors, because it has not led to major disruptions in supplies and we are unlikely to do so in the future. The focus is on the faltering Chinese economy and reducing… interest rates.
Both crude oil prices fell last week, amid Chinese data indicating weak demand in the world’s largest importer of crude oil.
Brent fell 1.8% by the end of the week, despite trading above $80 a barrel for just over a month, and West Texas Intermediate crude fell 2.5%.
Data on Thursday showed that China’s imports of crude oil rose in the first two months of the year, compared to the same period in 2023, but they were weaker than the previous months, continuing the trend of declining purchases by the largest oil buyer in the world.
On the supply side, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided at the beginning of this month to extend the voluntary reduction in oil production by 2.2 million barrels per day until the second quarter of this year.
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