Change in oil trend … and slight drop in Brent crude oil

Oil prices have varied in the prime sessions this week, after dropping more than 4% last week.

Brent crude fell 0.08% to $ 78.83 a barrel, while US crude rose 0.01% to $ 75.95 a barrel.

Over the past week, Brent crude fell 4%, its lowest level since last October, and US crude fell 5.4%.

The large losses are due to renewed injuries from the Crown and the return of some European countries to complete the closure, while expectations of supply growth rise with the United States having talks with the largest economies in the world such as Japan, China this week. and India, to discuss the possibility of withdrawing from strategic oil reserves.

Against this backdrop, the international oil information agency “Platts” said crude oil futures contracts fell sharply as the oil market focused on the effects of the new outbreak closures. in Europe and the rise of the US dollar.

The agency’s latest reports indicated that oil demand indicators in most major European economies have continued to decline over the past week as governments interact with the high and rising cases of the Corona outbreak in most countries. , while supply chain disruptions continue to put pressure on business.

The report highlighted the announcement by Austria – the headquarters of “OPEC” – that it will implement a general closure nationwide, starting today, Monday.

The report cited data from the company “Securities TD”, confirming that oil markets are once again facing their worst enemy, the closure linked to the Corona epidemic, explaining that the entry of Austria in a state of closure has led to a drop in energy prices, while doubts about the recovery of demand and the continuing recovery of mobility activities return.

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