Friday , August 12 2022

Incredible drop in oil prices


NEV IORK (Reuters)

Posted in:
Wednesday, November 14, 2018 – 12:20
| Last Updated:
Wednesday, November 14, 2018 – 12:20

The steady decline in world oil prices continued on Tuesday, the highest pace since nearly three years since investors have withdrawn from the market due to excessive supply, demand for the sharp fall and criticism of US President Donald Trump from Saudi Arabia, the world's largest exporter of crude oil, Da production is reduced during the next month.

Oil prices for futures contracts in London and New York fell in seven days, the biggest daily fall in nearly three years, the Bloomberg news agency reported.

The following year there were gloomy prospects from the perspective of oil demand from the Organization of Petroleum Exporting Countries (OPEC), as oil and stock production in the United States is constantly increasing.

This led to a fall in oil prices to $ 56 per barrel for the first time in a year.

The oil price in Texas was littered at the 12th consecutive session amid concerns over the surplus accumulation of markets in mid-2014, when prices fell to record levels. Oil Brent crude oil in the North Sea also fell to 11 of the last 12 trading sessions.

The price of Tekas Intermediate crude dropped $ 24.4 at the end of the trading session to $ 55.69 per barrel for delivery in December, while Brent crude fell $ 4.65 to $ 47.47 a barrel in January.

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