Washington: We are seriously addressing rising oil and commodity prices prime

US Vice President Kamala Harris confirmed that the US is taking oil price hikes seriously, after rising crude oil affected commodity prices prime.

Oil prices fell on Friday, erasing the gains made in the previous session as the dollar continued to rise, amid expectations that the US central bank will move forward the date of interest rate hikes to curb inflation.

Brent crude futures fell $ 1.36, or 1.6%, to $ 81.51 1200 GMT barrel. West Texas Intermediate crude futures fell $ 1.58, or 1.9%, to $ 80.01 a barrel.

The two contracts are heading towards the end of the week in fall after sharp up-and-down moves driven by rising dollar and speculation that President Joe Biden’s administration will release oil from the Strategic Oil Reserve to calm prices.

There are positive signs of demand as the recovery in aviation accelerates, but tightening monetary and fiscal policy and the impending Northern Hemisphere winter will be disincentives.

The Organization of Petroleum Exporting Countries (OPEC) on Thursday lowered its fourth-quarter oil demand forecast by 330,000 barrels per day from last month’s forecast as high energy prices hold back recovery from the Covid pandemic. -19.

“The oil market is reluctantly going into oversupply,” said Stephen Brennock of BVM Oil Brokerage.

“OPEC and its allies will have to, at the very least, stop easing supply restrictions in the new year. Otherwise, global oil stocks will be booming again,” he added.

OPEC +, which includes OPEC, Russia and allies, agreed last week to stick to plans to add 400,000 barrels per day to the market per month.

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