Skip to content
  • Oil
Oil sinks almost 4% – News | NewsNQN

Oil sinks almost 4% – News | NewsNQN

Oil went almost 4%

Oil prices fell sharply on Wednesday with Brent breaking above $100 a barrel after swinging after the OPEC+ meeting, and diplomatic heads emerged on hopes that sanctions on Iran’s oil exports could be lifted. .

In addition, on the day it was announced that the oil reservoir in the US has increased, more than estimates. And no less important, it was that the oil exporting countries OPEC + at the wheel decided to slightly increase the production rate, despite pressure from the United States to open the crude tap with the aim of containing the increase in prices.

In this way, Brent oil fell 3.6% and was traded at US$97, according to figures posted on the New York Mercantile Exchange, while WTI fell 3.9% and was traded at US$90.80.

US commercial oil stocks rose last week to the surprise of analysts who had expected a slight decline, according to data from the Energy Information Agency (EIA) on Wednesday.

In the week closed last Friday, the country collected 426.6 million barrels, 4.5 million barrels more than seven days before. Analysts had expected reserves to fall below 1.5 million barrels.

Meanwhile, gasoline stocks rose by 200,000 barrels last week and are about 3% below the five-year average for this time of year. And refineries operated at 91% of their installed capacity last week.

Oil prices fell earlier in the week as weak manufacturing data from China and Japan weighed on the demand outlook, as investors prepared for this week’s meeting of OPEC officials and other major producers.

Start investing your money in cryptocurrencies and get Free Bitcoin when you buy or sell 100$ or more if you register in Coinbase