Monday, March 4, 2024

Oil prices continue to fall due to warnings of global demand

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Oil prices continue to fall due to warnings of global demand

Oil prices continued to fall as the U.S. market opened on Friday, following a warning by the International Energy Agency that demand for fuel would fall internationally due to a growing corona virus infection. This is coupled with renewed concerns about oversupply in markets, especially after the administration of US President Joe Biden pressured the OPEC Plus Alliance to increase production in the short term.

U.S. crude was down 1.1% at $ 68.18, up $ 68.90 and $ 69.00 from the opening trade, and Brent crude was down 0.8% at $ 70.46. The level was $ 71.04, and the maximum level was recorded at $ 71.13.

On Thursday, U.S. crude lost 0.7%, and Brent crude fell 0.6%, the first loss in three days, as the U.S. administration told OPEC and its allies to increase supply.

The International Energy Agency (IEA) has warned that rising demand for crude oil and its products has slowed, forcing governments to renew locking controls following an increase in corona virus infections in most parts of the world.

The company explained that demand growth had fallen sharply in the second half of this year due to new restrictions imposed on many of the world’s fuel consumption countries, especially in Asia.

On Wednesday, the administration of US President Joe Biden urged the OPEC Plus Alliance to increase oil production in the face of rising petrol prices and to use this to ensure the security of the global economic recovery.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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