March 29, 2023

Dubai Week

Complete Dubai News World


Expect mild winters in the United States control oil prices

Oil prices fell on Thursday as expectations of a warmer winter in the United States sent prices to a three-year high of $ 86 a barrel at the start of a tight commodity and global energy crisis session.

Winters are expected to be warmer than average in most parts of the United States, according to forecasts released Thursday morning by the National Oceanic and Atmospheric Administration.

Brent crude fell $ 1.21 to $ 84.61, the highest level since October 2018, after reaching a session high of $ 86.10. US West Texas median crude fell 92 cents to $ 82.50.

Prices rose on Wednesday, the first day the U.S. Energy Information Administration reported a decline in crude oil and fuel stocks, and crude stocks at the Cushing Oil Center in Oklahoma fell to a three-year low.

“Traders, who had previously set a minimum selling price of $ 86, took advantage of the opportunity to make some profit … resulting in a fall in oil prices,” said Louis Dixon, of Ristad Energy Consulting.

The price of Brent crude has risen more than 60 percent this year due to the slow rise in supplies supplied by the Organization of the Petroleum Exporting Countries (OPEC) and its allies and the global coal and gas crisis. For power generation.

Oil is also under pressure due to lower coal and natural gas prices. Coal prices in China fell 11 percent, adding to losses this week since Beijing indicated it could intervene to calm the market.


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