Saudi news: Oil prices today.. “Inventories” end the days of extreme...

Saudi news: Oil prices today.. “Inventories” end the days of extreme...
Saudi news: Oil prices today.. “Inventories” end the days of extreme...
Saudi Arabia News: Oil prices stabilized today, Friday, as investors paused to catch a breath in the wake of days of extreme volatility.

The stability came in light of fears of the specter of a coordinated move by the major world economies to withdraw from their strategic stocks of crude.

oil prices

Brent crude futures rose 28 cents, or 0.3%, to $81.52 a barrel by 0145 GMT, after falling to a 6-week low on Thursday, before turning the course and closing 1.2% higher.

The futures contracts for West Texas Intermediate crude were not less fortunate than the previous one, as it also rose 19 cents to 79.20 dollars a barrel, after it fluctuated in a range of more than two dollars before closing higher.

The two crudes are heading to a fourth week of decline.

The market volatility followed a Reuters report that the United States had asked China, Japan and other major buyers to join the draw on strategic oil reserves.

“The market remains very tight (in supply) and any volumes drawn are unlikely to significantly alter the global balance,” commodity analysts at Fitch Solutions said in a note. “As such, we expect any price declines to be limited in scope and duration. “.

The Biden administration’s push for a coordinated drawdown of oil stocks is seen as a signal to the OPEC+ grouping of the need to increase production to address fears of rising fuel prices in the world’s largest economies, starting with the United States, China and Japan.

Unprecedented restrictions

OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, has maintained what analysts say are unprecedented limits on production, even as prices rebounded from their sharp decline during the early stages of the coronavirus pandemic.

On the other hand, data showing that Saudi oil exports hit an 8-month high in September, the fifth consecutive month of rise, helped keep prices in check.

Prices reached their highest level in seven years last month as the market focused on the rapid rise in demand, which coincided with the lifting of closures and the recovery of economies in the face of a slow increase in supplies from members of the OPEC + grouping.

Luma News is a news search engine, and Luma News disclaims all responsibility for the content of the news Saudi news: Oil prices today.. “Inventories” end the days of extreme volatility Or the images, but the responsibility rests with the original publisher of the news and the source is the eye, as the original publisher bears the copyright and intellectual property rights of the news. This news was transmitted automatically, and if you own the news and want to delete or deny it, please refer to the original source of the news first, then write to us to delete the news

tagsSaudi Arabia news, the latest Saudi Arabia news today, urgent from Saudi Arabia, Saudi Arabia, the Kingdom of Saudi Arabia

These were the details of the news Saudi news: Oil prices today.. “Inventories” end the days of extreme... 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.

PREV Saudi Arabia records 10% surge in number of factories
NEXT US Fed holds key rate steady for fourth straight meeting

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]