The price of Brent oil fell below $76 a barrel for the first time since December 2021
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The cost of February futures for Brent crude on the London ICE exchange fell below $76 per barrel. The price became the lowest since December 27, 2021, should from market data.
In the course of trading by 19.07 Moscow time, the price of Brent crude oil fell by 1.85% to $75.74 per barrel. However, as of 19.11, the futures rose to $76.02 per barrel (-1.48%). By 19.19, the cost of Brent rose to $76.37 per barrel (-1.03%).
At the same time, the January futures for WTI crude oil as of 19.20 declining by 0.52% to $71.63 per barrel.
The day before, December 7, the cost of February futures for Brent also fell below $77 per barrel for the first time since December 27, 2021. On December 6, the price of oil fell below $79 per barrel for the first time since January 4, 2022.
December 6 US Department of Energy Energy Information Administration lowered Brent oil price forecast in 2022 from $102.13 to $101.48 per barrel. At the same time, the agency adjusted the forecast for daily oil production in 2022, increasing it by 40,000 barrels to 11.87 million barrels per day. In addition, as the US Department of Energy expects, in early 2023, the price of Brent will be above $90 per barrel. The forecast for production next year is raised by 30,000 barrels to 12.34 million barrels per day.
Bloomberg agency notesthat oil is getting cheaper amid uncertainty about the demand for fuel in the world. The publication also draws attention to the tightening of monetary policy by central banks. At the same time, macroeconomic prospects are deteriorating, the agency writes.
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