Friday , September 30 2022

Oil prices have again declined since July 2017



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The fall in prices on international crude oil prices has helped The fall in international crude oil prices has led to a fall in prices.

In New York, the price of white crude oil was $ 45.88. It was up 2.08 percent from yesterday.

The European stocks dropped 5.05 per cent to USD 54.35 a barrel. This is the lowest level since September last year.

"Recession was on Wednesday," said Jee Jeroy, JLC Analyst, Reuters.

He added that the price rise of oil markets, record-breaking output and lack of reliability of products to reduce the production of oil production have attracted investors attention.

OPEC and other related producers decided to reduce the production of 1.2 million barrels per month this month. However, it did not start implementation until January before production of the record levels in the US, Russia and Saudi Arabia.

Bloomberg said the contract for OPEC and its allies has led to the worst decline in the last four years, from 1.2 million barrels a day since January.

Power Minister Khalid Al Falhi, Saudi Arabia, said in April this month that the deal would be extended. The security that took effect prior to the entry into force of this Agreement highlights existing concerns in the country. Global investors are worried that the Fed does not raise the interest rates.

"Some elements in the oil bullishish history have collapsed," said Giovanni Stuano, an expert in the UBS group in Zurich.

"The US production is expected, the concerns about reserves are not effective, the OPEC + cut does not begin until January, and the corrections done by the Federal Reserve did not help either," he said.

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