Crude Oil prices are falling… and Brent is below $96

Crude Oil prices are falling… and Brent is below
Crude Oil prices are falling… and Brent is below

Crude Oil prices are falling… and Brent is below $96

Crude oil prices fell during trading on Monday, November 14, buoyed by a strengthening US dollar.

This is related to the increase in the number of coronavirus cases in China; That dashed hopes of a reopening of the economy of the world’s largest crude oil importer.

crude oil prices today

As of 07:55 GMT (10:55 Mecca Time), futures prices forBrent crude oil The Standard — for delivery in January 2023 — down 0.14% to $95.86 a barrel.

The price of futures contracts also fellWest Texas Crude Oil U.S. December delivery rose 0.26% to $88.73 a barrel, according to Specialized Energy Platform data.

And she was crude oil prices It ended Friday, November 11th up about 2.5% on renewed hopes of rising demand for crude oil.

Despite the gains; The two benchmark crudes (Brent and West Texas Intermediate) ended the week down 2.6% and 3.9%, respectively.

dollar prices

“It appears that the dollar’s strength today is weighing on oil and the broader commodity complex,” said Warren Patterson, head of commodity strategy at ING.

Oil and gas tanks in the port of Zhuhai, China – photo by Reuters

He added: “The market breathed a little on Friday after the easing of the corona-related quarantine measures in China.”

Crude oil prices rose on Friday after China’s National Health Commission amended measures to prevent and control the spread of the virus to shorten quarantine periods for close contacts of cases and incoming travelers and scrap the penalty on airlines for carrying infected passengers.

But over the weekend, corona cases in China rose; Beijing and other major cities reported record infections on Monday.

oil demand

China’s oil demand from Saudi Arabia, the world’s largest exporter, remained weak; He asked many refineries Less Crude Oil rose in December.

Separately, US Treasury Secretary Gannett Yellen said on Friday that India can continue to buy as much as it wants. Russian oil; Including prices above the price cap mechanism imposed by the Group of Seven when moving away from Western insurance, financial and shipping services, which are binding on the World Bank.

The strong dollar following comments from Federal Reserve Governor Christopher Waller also impacted oil.

On Sunday, Waller said the Federal Reserve may consider slowing rate hikes at its next meeting, but that shouldn’t be seen as “easing” its commitment to lower inflation.

“This tends to be a flat inflation or stagnation narrative, which is negative for oil and other risky markets,” said Stephen Innes, managing director of SBI Asset Management. Reuters.

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