The price of Brent oil fell below $78 per barrel – Kommersant
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The price of January Brent oil futures for the first time since July 11, 2023 on the London ICE exchange fell below $78 per barrel, to $77.98 per barrel, follows from data bidding
As of 18:29 Moscow time, the price of a barrel of Brent was at $78.45 (-3.4%). The price of December WTI oil on the New York Mercantile Exchange decreases at 18:44 Moscow time by 3.67% and amounts to $73.97 per barrel, it is reported on website exchanges.
Global oil prices fell for a fourth 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 the Palestinian Hamas movement. Saudi Energy Minister Prince Abdul Aziz bin Salman accused in falling prices of speculators.
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.
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