Oil is about to end the week little changed, after a strong rally sustained by the global energy crisis that is starting to lose momentum.
Brent crude fell today, Friday, to 84 dollars a barrel, while i future US crude oil fell to 82 dollars in New York, after falling for the first time on Thursday in six sessions.
The energy crisis has drained crude oil inventories at Cushing’s main US depot to near ultra-low levels, while Saudi Arabia said this week that any additional oil from OPEC + would do little to tame rising oil prices. natural gas prices.
“Rising oil from the energy crisis could face further hurdles, but it’s hard to see it evaporate without a major catalyst,” said Vandana Hari, founder of Vanda Insights.
He added that price fluctuations indicate an increase in tension, in how much the technical indicators indicate thearea overbought crude oil, Bloomberg reported.
US crude oil rose this week to its highest level since 2014 as the energy crisis, caused by shortages of coal and natural gas, coincided with the economic recovery from the pandemic.
The shortage of natural gas has increased demand for crude oil, but high gas prices also threaten to erode the profits some oil refineries make from fuel, forcing them to reduce processing rates. The gas, in methane in particular, is a key ingredient in the production of hydrogen that oil refineries rely on in diesel-making machines, helping to remove sulfur.
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