The price of a barrel of oil fell globally, as trading began today, Thursday, December 29 (2022); Brent, on the other hand, recorded a decline, falling below 83 dollars a barrel.
And witness Oil prices Global crude fell for the second day in a row, after rising on Tuesday, Dec. 27, at a time when the world is witnessing fears of a resurgence of coronavirus cases in China, the agency released. Reuters.
It comes down The price of a barrel of oil Globally, driven by market disappointment over increased fuel demand in China as the coronavirus has reattached the Asian country’s citizens, at a time when the United States was feeling devastating effects from winter storms affecting manufacturing of energy.
The global price of a barrel of oil today
At 07:45 GMT (10:45 Mecca time), crude oil futures prices fell. Brent The benchmark – for delivery in February 2023 – by 0.95%, at 82.47 dollars a barrel.
Crude oil futures also fell West Texas American – for February 2023 delivery – by 1.13%, to 78.07 dollars a barrel, according to data viewed by the specialized energy platform.
And the price of crude closed trading on Tuesday 27 December 2022, with a recorded increase of over 84 dollars a barrel, after the rise on Friday 23 December, which exceeded 3.5%, according to information seen by the specialized magazine of the platform energy.
Hopes for a recovery in demand have faded
The price of a barrel of oil has fallen globally as cases of the Corona virus have increased in China and in several countries around the world. Shaking confidence was high fuel demand from China, which is the world’s largest importer of crude oil.
John Rong Yap, market expert at IG, said ambiguity over China’s Corona virus situation, plus the trend of some countries to set new travel rules, acted as a damper on earlier optimism about high demand for the petrolium.
He added: “As 2023 approaches, there are opportunities for refreshment price of a barrel of oil globally, but will still decline at the pace of China’s reopening and if market participants have priced growth risks as a trade-off for central bank tightening.
US oil stocks
At the same time, global oil markets were impacted by expectations from the US Federal Reserve announcing a further hike in US interest rates, which is the bank’s countermeasure to limit price increases in the affected labor market.
U.S. crude inventories fell by about 1.3 million barrels during the week ending Dec. 23, 2022, fewer than expected, according to Reuters, citing market sources who saw data from the American Petroleum Institute.
This decline comes over estimates of the 1.5 million barrel withdrawal, analysts estimate, as the US government prepares to release its weekly data on Thursday morning, according to the energy platform. .
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