The pace of sales accelerated in oil market Near the closing, which pushed the global benchmark Brent and the US West Texas Intermediate to record their lowest closing levels since March 16.
Contracts are recorded Brent At the settlement of $101.07 a barrel, down $5.57, or 5.2 percent.
US crude contracts closed down $5.73, or 5.6 percent, to $96.23 a barrel.
The International Energy Agency said that its member states will release 120 million barrels of… strategic reserves To try to calm sharp price increases. According to two informed sources, the figure will include 60 million barrels of strategic reserves in the United States. This pledge is part of a previous US announcement of the withdrawal of 180 million barrels from the reserves.
This is the second time it has been released International Energy Agency It has released oil from reserves this year and has actually boosted global supply by about two million barrels per day for at least the next two months as the world tries to overcome the potential loss of Russian oil. The group collectively has about 1.5 billion barrels in strategic reserves.
On the other hand, the minutes of the latest meeting of the Federal Reserve showed that US central bank He had intended to raise interest rates by 50 basis points in most of his recent meetings, but opted for a smaller increase due to The war in Ukraine.
The minutes of the meeting indicated a hard-line approach by the Fed as it tries to curb inflation, which gave a boost to the US dollar. Oil prices often move in the opposite direction to the dollar because most oil deals are made in the green currency.
The oil market was also negatively affected by an increase of 2.4 million barrels per year US crude stocks Last week, while analysts had expected a decline. US oil production also rose, recording 11.8 million barrels per day, the highest since late 2021 and is expected to continue to rise.
The United States also released about four million barrels of strategic reserves last week.
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The pace of sales accelerated in oil market Near the closing, which pushed the global benchmark Brent and the US West Texas Intermediate to record their lowest closing levels since March 16.
Contracts are recorded Brent At the settlement of $101.07 a barrel, down $5.57, or 5.2 percent.
US crude contracts closed down $5.73, or 5.6 percent, to $96.23 a barrel.
The International Energy Agency said that its member states will release 120 million barrels of… strategic reserves To try to calm sharp price increases. According to two informed sources, the figure will include 60 million barrels of strategic reserves in the United States. This pledge is part of a previous US announcement of the withdrawal of 180 million barrels from the reserves.
This is the second time it has been released International Energy Agency It has released oil from reserves this year and has actually boosted global supply by about two million barrels per day for at least the next two months as the world tries to overcome the potential loss of Russian oil. The group collectively has about 1.5 billion barrels in strategic reserves.
On the other hand, the minutes of the latest meeting of the Federal Reserve showed that US central bank He had intended to raise interest rates by 50 basis points in most of his recent meetings, but opted for a smaller increase due to The war in Ukraine.
The minutes of the meeting indicated a hard-line approach by the Fed as it tries to curb inflation, which gave a boost to the US dollar. Oil prices often move in the opposite direction to the dollar because most oil deals are made in the green currency.
The oil market was also negatively affected by an increase of 2.4 million barrels per year US crude stocks Last week, while analysts had expected a decline. US oil production also rose, recording 11.8 million barrels per day, the highest since late 2021 and is expected to continue to rise.
The United States also released about four million barrels of strategic reserves last week.