Oil prices drop with anticipation of the withdrawal from the US...

Oil prices drop with anticipation of the withdrawal from the US reserve

Cairo – the middle gate Friday 14 January 2022, 01:06 pm

alwasat radio

Oil prices fell for the second session in a row, Friday, affected by expectations that Washington may move soon to curb prices that are still above $ 80 a barrel, by drawing from the US reserve, while restrictions on movement in China to combat the “Covid-19” outbreak affected demand on fuel, according to Reuters.

Brent crude futures fell 6 cents to $84.41 a barrel, and US West Texas Intermediate crude contracts fell 21 cents, or 0.3%, to $81.91 a barrel.

China, the second largest oil consumer in the world, suspended some international flights, and intensified efforts to curb the spread of the virus in the “Tianjin” region, while the mutated “Omicron” strain of the Corona virus spread in the city of Dalian in northeastern China, and many cities, including Beijing, urged the residents Also, not to travel during the Lunar New Year holiday, which may reduce demand for fuel during the peak travel season, as China recorded in 2021 the first annual decline in crude oil imports in 20 years.

And the US Department of Energy said yesterday, Thursday, that it had sold 18 million barrels of oil from the strategic reserves of six companies, despite that, the benchmarks Brent and West Texas Intermediate are heading to rise for the fourth consecutive week, supported by concerns about supplies and political concerns in Libya and Kazakhstan, and the decline in US crude stocks to the lowest level since 2018.

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