15.2 C
Qādiān
Wednesday, January 15, 2025

Reshaping Perspectives and Catalyzing Diplomatic Evolution

Oil turns bearish after strong gains during the week

Oil prices turned lower, on Friday, after strong gains during the week, with the return of most of the American supplies that were disrupted by severe weather that hit the southern United States.

By 7:30 (GMT), the benchmark Brent crude contracts, for November delivery, fell 34 cents, or 0.45 percent, to $75.33 a barrel.

And US West Texas Intermediate crude contracts, for October delivery, fell 36 cents, or 0.5%, to $72.20 a barrel.

Crude prices had recorded strong gains in most of the week’s trading, with a slower-than-expected return to oil production in the Gulf of Mexico, after Hurricane “Ida” last August halted about 80 percent of it.

Hurricane Ida was followed by Storm Nicholas last week, which caused an additional slowdown in the return of supplies from the Gulf.

As of Thursday, about 30 percent of production was in the Gulf of Mexico.

On Wednesday, Energy Information Administration data showed a sharp decline in US crude stocks by 6.4 million barrels in a week, after which the price of Brent crude jumped above $ 76 a barrel.

In addition to the return of most of the crippled US supplies, crude prices received pressure from data that revealed the rise in Saudi oil exports last July to their highest level in seven months.

On Thursday, the Joint Data Initiative (JODI) said that the kingdom’s crude oil exports increased to 6.327 million barrels per day in July, up from 5.965 million barrels per day in June.

Also Thursday, the Libyan National Oil Corporation announced the resumption of oil exports from the Sidra and Ras Lanuf ports, one day after oil resumed at the Hariga port.

Exports were disrupted in the three ports for a week, by protesters who had camped in these ports, demanding jobs.

Libya’s oil production is about 1.3 million barrels per day, which constitutes about one percent of global supplies.

Despite the pressure on oil prices, on Friday, it is heading to record weekly gains of about 4 percent.

More

Alaska sues Biden over drilling restrictions

Alaskan authorities in the United States have filed a...

Biden bans offshore oil and gas drilling on US coasts

President Joe Biden has announced a ban on new...

Israel seeks to block ICC arrest warrants: Move against global justice

Israel has appealed the International Criminal Court's arrest warrant...
Follow The Eastern Herald on Google News. Show your support if you like our work.

Author

Akihito Muranaka
Akihito Muranaka
News writer at The Eastern Herald. Bringing news direct from Japan, Korea, China, Italy, and other parts of the world.

Editor's Picks

Trending Stories

Laurita Fernandez poses totally nude on her back in her Instagram

Laurita Fernandez is one of the most talented dancers...

Luigi Mangione Case: An In-Depth Analysis of the UnitedHealthcare CEO Shooting

Introduction: A Shock to the Healthcare WorldOn December 4,...

Prostitution in Dubai: Understanding the Dark Side of the City

Dubai, a city celebrated for its lavish shopping experiences,...