price movements
The benchmark recorded steep losses for the week, as Brent crude lost about 9% and US West Texas crude fell about 10% for the week.
A mixed price Brent It settled at $87.62 a barrel, down $2.16, or 2.4%, while US West Texas Intermediate crude oil prices reached $80.08 a barrel, down $1, at settlement on Friday .56, or 1.9%.
The market for both benchmarks has moved in ways that show supply concerns easing.
Crude approached record highs at the start of the year as it rallied Ukrainian crisis those worries.
Additionally, early-dated contracts have seen a huge price premium over later-dated contracts, indicating that retailers are concerned about the immediate availability of oil and are willing to pay large sums to secure supplies, but these concerns are continuing. decreasing.
Data shown "Finishing icon" West Texas Intermediate crude is currently trading month-to-month discount for the first time since 2021.
This situation is also beneficial to those looking to build up their oil inventories for later use, especially since inventories are still at low levels.
Brent crude remains in the opposite pattern, despite the drop in the price premium for the closest crude contract to download contracts six months later to $3 a barrel, its lowest level since April.
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Contributed to the rise of the US dollar, which makes oil More expensive for holders of other currencies, amid falling crude oil prices.
price movements
The benchmark recorded steep losses for the week, as Brent crude lost about 9% and US West Texas crude fell about 10% for the week.
A mixed price Brent It settled at $87.62 a barrel, down $2.16, or 2.4%, while US West Texas Intermediate crude oil prices reached $80.08 a barrel, down $1, at settlement on Friday .56, or 1.9%.
The market for both benchmarks has moved in ways that show supply concerns easing.
Crude approached record highs at the start of the year as it rallied Ukrainian crisis those worries.
Additionally, early-dated contracts have seen a huge price premium over later-dated contracts, indicating that retailers are concerned about the immediate availability of oil and are willing to pay large sums to secure supplies, but these concerns are continuing. decreasing.
Data from “Eikon Refinitiv” showed that WTI is currently trading at a month-to-month discount for the first time since 2021.
This situation is also beneficial to those looking to build up their oil inventories for later use, especially since inventories are still at low levels.
Brent crude remains in the opposite pattern, despite the drop in the price premium for the closest crude contract to download contracts six months later to $3 a barrel, its lowest level since April.
