March 21, 2023

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Oil prices fell for the second week in a row

Oil prices fell for the second week in a row

On Friday, despite rising crude prices as a result of renewed concerns about supplies after OPEC +, oil prices fell for the second week in a row, and “Brent” contracts fell about 2%, while West Texas Intermediate crude fell 2.7%. The makers rejected the US call to accelerate production increases, even if the need was close to pre-epidemic levels.

Brent crude ended at $ 82.74 a barrel for the week and US West Texas Intermediate at $ 81.27.

Bob Yoger, future director of energy at Mizuho Corporation, said the decision to adhere to OPEC’s position and the lack of a significant response from the administration of US President Joe Biden led to Thursday and Friday’s rise in oil prices.

Yugar added that the oil shortage in the market will not be avoided except by coordinating efforts with the participation of China and other countries. The White House said it was examining all available tools to ensure affordable energy, including the possibility of releasing large amounts of oil from strategic petroleum reserves.

Data also showed that US employment was higher than expected in October.

“Markets understand that the release of strategic reserves will have a temporary impact on spot prices, not a permanent solution to the imbalance between supply and demand,” said Bjornar Tonhugen, head of oil markets at Rystad Energy. (Reuters)

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