oil prices fall for the third week in a row – Kommersant
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Global oil prices fell for a third week in a row, despite record demand for the fuel, supply cuts by Saudi Arabia and fears of rising prices due to the conflict between Israel and Hamas. Pays attention to this Bloomberg. Saudi Energy Minister Prince Abdul Aziz bin Salman blamed speculators for the fall in prices.
The price of benchmark Brent crude oil today fell to a three-month low of $80 per barrel, but the price fell by about 5% over the week. The average WTA price is around $76. Prices rose yesterday, November 9, following a statement by Saudi Arabia’s energy minister that was similar to his criticism of speculators in May, weeks before the kingdom cut oil production.
Over the past three weeks, the price of Brent crude oil has fallen by about 13% amid rising demand from China, the United States and Europe. Hedge fund manager Pierre Andurand points out that oil inventories were higher than expected due to production in the US and Iran.
That’s a far cry from late September, when Brent neared $100 a barrel and OPEC announced unprecedented stock cuts amid record fuel demand and Saudi Arabia’s production cuts. Attention has now turned to the downturn in the oil refining industry in China and high interest rates in the US.
A division of the British research group Ernst & Young in early November predictedthat the conflict between Israel and Palestinian Hamas could lead to a sharp rise in oil prices. The agency predicted the average oil price at $150 per barrel. According to him, global economic losses were expected to amount to $2 trillion.
More details in the material “Geopolitics Resources”.
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