February 5, 2023

Dubai Week

Complete Dubai News World


Oil Fall – Economy – World Economy in the fifth session in a row

Oil prices fell for the fifth consecutive session on Wednesday as investors worried about the potential for fuel demand amid a global outbreak of Govt-19 infections and a plethora of products coming into the market from major global manufacturers, including the United States.

Oil pressure has been high for the past few weeks due to an increase in mutated delta strain infections of the corona virus worldwide. A few countries have reintroduced travel restrictions and air traffic has been declining in recent weeks.

Minutes of the Federal Reserve’s July meeting showed US Federal Reserve officials that the spread of the delta mutation strain could temporarily delay the full reopening of the economy and paralyze the job market.

Brent contracts ended the trading session at 80 cents, or 1.2 percent, at $ 68.23 a barrel. The global benchmark has lost 11 percent in the last thirteen trading sessions.

U.S. West Texas Intermediate crude deals fell $ 1.13 or 1.7 percent to $ 65.46 a barrel.

The U.S. Energy Information Administration data shows that crude oil inventories in the United States today fell 3.2 million barrels last week to 435.5 million barrels, the lowest level since January 2020.

But petrol stocks recorded a moderate increase, and demand for motor fuel reached 9.5 million barrels a day, one percent lower than the 2019 level.

Analysts point out that U.S. oil production continues to rise, recording 11.4 million barrels a day last week.