Crude oil prices fell during today’s trading on Thursday, December 1 (2022), with continued demand uncertainty ahead of the OPEC+ alliance meeting next Sunday.
Measures to ease corona restrictions in China, the world’s largest importer of crude oil, limited the price decline.
Crude oil prices today
By 07:44 GMT (10:44 AM Mecca), futures prices forBrent crude The benchmark – for delivery in February 2023 – increased by 0.36%, to $86.66 a barrel.
The price of futures also fellWest Texas Crude The United States – for January 2023 delivery – increased by 0.38%, to 80.24 dollars a barrel, according to data seen by the specialized energy platform.
she was Crude oil prices Yesterday, Wednesday, Nov. 30, it closed its trades, up about 3%, but posted heavy monthly losses.
Over the past month, Brent and West Texas crude prices have posted losses of about 12.4% and 6.9%, respectively.
OPEC+ meeting
Analysts at ANZ Research said in a statement on Thursday: “The market remains uncertain about… OPEC+ decision; Some expect a cut, while others point to a possible extension of the current deal.
Analysts added that the market is also bracing for the impact of European sanctions Russian oilas you mentioned Reuters.
The meeting of the Organization of the Petroleum Exporting Countries (OPEC) is expected.OPEC) and allies including Russia, known as the OPEC+ alliance, on 4 December.
The sources said the decision to hold the meeting via videoconferencing technology indicates, in practice, that there is little chance of a change in policy. The coalition is assessing the impact of a cap Russian oil prices emerging on the market.
oil demand
In general, the mood in the oil market has improved thanks to the change in China’s strategy without Covid-19; Which raises optimism about his recovery Chinese demand for oil.
The Chinese cities of Guangzhou and Chongqing announced an easing of coronavirus restrictions on Wednesday, a day after protesters in southern Guangzhou clashed with police amid a series of protests against the world’s toughest coronavirus restrictions.
While new outbreaks in China could affect activity in the near term, the International Monetary Fund said on Wednesday that there is room for a safe recalibration of Corona policies that could allow economic growth to resume in 2023.
However, Chinese business activity contracted further in November, official PMI data showed on Wednesday; What raised concerns for next year.
US oil stocks
It has also led to decline US oil stocks To limit the decline in crude oil prices today, Thursday.
Crude inventories fell by 12.6 million barrels in the week ending Nov. 25, higher than analysts’ previous forecast of a decline of 2.8 million barrels, according to the Energy Information Administration.
However, gasoline and distillate inventories rose more than expected, a sign of weak demand.
The Energy Information Administration said so US crude oil production It has also surpassed 12 million barrels per day, which is the highest level since before the Corona pandemic.
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