The price of futures contracts for the benchmark Brent crude for March delivery also decreased by 1.8 percent, or 1.62 dollars, to reach 86.27 dollars a barrel.
Phil Flynn, an analyst at Price Futures Group, told Reuters that with the decline in stocks, the markets are entering a stage of risk aversion.
Flynn added that the long-term expectations indicate a rise in oil prices, but in the short term geopolitical tensions in Eastern Europe and the Middle East may pressure oil price movements.
Tensions have been rising in Ukraine for months after Russia massed its forces near its border, raising concerns about supply disruptions in Eastern Europe.
In a separate context, the heads of major US oil companies, “Occidental Petroleum Corp.” and “ConocoPhillips”, presented mixed expectations about the growth of US oil production during today’s conference.
Ryan Lance, CEO of ConocoPhillips, expressed his optimism about the oil market and the continued rise in prices for some time, and US production exceeded its record levels of 13 million barrels per day recorded in late 2019, while Vicki Hope, CEO of Occidental, expected Petroleum” expected production to grow in the United States, but it would still be far from record levels.
Barclays raised its forecast for the average oil price by five dollars a barrel for this year, citing shrinking spare capacity and increasing political risks.
These were the details of the news Oil deepens its losses upon settlement… and “Brent” drops below $87 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.
