June 7, 2023

Dubai Week

Complete Dubai News World


Slight weekly loss of oil

D + D – Normal size

Oil prices fell yesterday on the back of an increase in new “omigron” infections from the corona virus, strengthening fears of imposing new restrictions that could negatively affect fuel demand, while backing the fall of the dollar. Large scale commodity markets.

Brent crude was down 59 cents, or 0.8%, at $ 74.43 a barrel. West Texas Intermediate crude futures fell 67 cents, or 0.9%, to $ 71.71 a barrel. Brent headed for a 1% loss for the week, while WTI ended the week equally.

The number of Omigran infections has doubled in just two days in Denmark, South Africa and the United Kingdom. The Danish Prime Minister has warned that the government may impose more restrictions to control the Omicron eruption. In the United States, the rapid spread of the mutation led some companies to halt plans to return their employees to the workplace.

The “OPEC +” group, which includes the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, said changes in demand forecasts could meet on January 4 ahead of the scheduled date if it needs to reconsider its plan. To increase the supply to 400,000 barrels per day in January.


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