Oil prices today … a barrel above $ 43, amid Corona...

Oil prices today … a barrel above $ 43, amid Corona...
Oil prices today … a barrel above $ 43, amid Corona...
Crude oil prices plunged on Thursday, erasing earlier gains in the session, as a new spike in COVID-19 cases worldwide reinforced concerns about economic growth and a recovery in fuel demand.

European countries re-impose curfews and general isolation measures in light of the increase in new cases of Corona. India, which is on track to overtaking the United States with the world’s largest cases of COVID-19, is preparing for an increase in infections in the coming weeks as a major holiday season approaches. India is the third largest consumer of crude in the world.

Brent crude futures were down 28 cents, or 0.7%, to $ 43.04 a barrel by 0724 GMT, while US West Texas Intermediate crude futures fell 24 cents, or 0.6%, to $ 40.80.

Yesterday, Wednesday, the International Energy Agency said that a second wave of infections with the Coronavirus may impede producers’ efforts to achieve a balance in the market.

Brent rose 0.4% and WTI 0.6% earlier, extending the gains they made in Wednesday’s session, after data showed that US crude stocks fell last week.

The American Petroleum Institute said that stocks of crude, gasoline and distillates declined in the week ending October 9, according to a report issued after the market closed yesterday.

The US Energy Information Administration is due to release its weekly data on Thursday, a day later than the normal schedule after a public holiday.

Reuters quoted two OPEC + sources, before a meeting of the group’s technical committee on Thursday to review the situation in the oil market, that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, the bloc known as OPEC +, recorded a compliance rate of 102% with their agreement to reduce oil supplies in September.

On Wednesday, the CEO of Occidental Petroleum said during the Energy Intelligence Forum that the company expects to restore the balance between global oil supply and demand by the end of 2021.

Vicky Hollub said that US crude oil production will increase modestly next year.

Demand and oil prices have collapsed this year due to the oversupply that befell the market prior to the outbreak of the Covid-19 pandemic around the world.

These were the details of the news Oil prices today … a barrel above $ 43, amid Corona... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Sustainable beauty: Capturing a rising demand for conscious living