Tuesday , July 5 2022

Oil price drops before bid increases; profiles weekly low


London /

The oil prices falling, touching minimum measures of several months before increasing global supply and investor concerns about the impact of demand on fuel due to lower economic growth and trade disputes.

The rough reference Brent He lost 52 cents to $ 70.13 a barrel. On Sunday, there was a loss of more than 3 percent and fell more than 14 percent in this quarter.

In the meantime, West Tekas Intermediate (VTI) gave 51 cents to $ 60.16 a barrel, a fall of 4.3 percent a week and more than 20 percent since the beginning of October.

"The mechanized train will not stop," said Stephen Brennock, an analyst at the London oil brokerage PVM Oil. "Instead, the energy complex has prolonged the decline due to an increase in the global supply and weakness of the demand perspectives," he added.

Oil in October hit its high values ​​for concern US sanctions for Iran they could deprive the oil market of significant quantities of raw goods, reduce records and cause deficiencies in some regions.

However, other major oil countries, such as Saudi Arabia, Russia and shale manufacturers such as the United States production constantly, more than compensated for lost Iranian bureaus.

In the meantime, US sanctions are unlikely to cut supply as expected, as Washington has granted exemptions to Iran's largest buyers, which will allow them to buy limited quantities of raw for at least six months.


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