New York West Texas Intermediate Crude Oil (WTI) ended lower on Friday (Aug 12), pressured by news reports. The stagnation in oil shipments in the Gulf of Mexico may be short-lived. This will pave the way for Iran to return to its oil market again. This has resulted in lower oil prices as well.
The WTI crude oil contract was delivered in September. It fell $2.25, or 2.4%, at $92.09 a barrel. but rose 3.5% this week.
The Brent crude oil contract (BRENT) delivered in October. It fell $1.45, or 1.5 percent, at $98.15 a barrel, but was up 3.4 percent for the week.
crude oil contracts fall After the media reported that A Louisiana state official has revealed that Damaged oil pipeline components will be replaced by the end of the day. The damage affects oil shipments off the coast of the Gulf of Mexico.
Crude oil contracts are also under pressure. After the Iranian official news agency IRNA reported, citing Iranian officials, Iran is ready to accept an offer from the European Union (EU) to revive the 2015 nuclear deal if it can provide guarantees to Iran’s claims.
Oil prices are still falling. After the Organization of the Petroleum Exporting Countries (OPEC) released a report downgrading the outlook for global economic growth and oil demand this year. by reducing global oil demand forecast to 100 million barrels per day from the previous forecast at 100.3 million barrels per day which is affected by the spread of COVID-19 and geopolitical tensions in the second half of this year
In addition, the price of oil also fell. After Baker Hughes, the US oil drilling operator, said on Friday that The number of U.S. rigs, which would indicate future oil output, rose three to 601 this week.