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Oil prices are down 1% .. and US crude is below $ 69

  • 13 August, 2021
  • 2:11 pm EEST

After the Energy Agency’s warnings about demand :

Oil prices fell by about 1% during trading on Friday, after warnings from the International Energy Agency about slowing global demand growth for oil.

A report on oil rig activity in the US is due to be released last week, later in the day.

 

Black Gold Prices :

By 08:18 am GMT, the price of the futures contract for the benchmark Brent crude – for delivery in October – decreased by 0.9%, to record $70.69 a barrel.

The price of West Texas Intermediate crude – for September delivery – also fell by more than 1%, recording $68.39 a barrel.

Oil prices ended yesterday’s trading within the red range, after a volatile session, up and down, amid the release of the monthly report of the Organization of the Petroleum Exporting Countries and the International Energy Agency.

 

OPEC Report :

The monthly OPEC report showed that the production of member states rose by 637,000 barrels per day last July, which comes in the context of the agreed OPEC + plan to increase production quotas.

In this context, the Organization of the Petroleum Exporting Countries maintained its forecasts for global demand for oil this year and the next, but it raised estimates of oil supply from outside it in the same period.

 

Energy Agency Warnings :

By contrast, the International Energy Agency cut its estimates of global oil demand growth in the second half of this year sharply; It expects it to be about 550,000 barrels per day lower than previous assessments.

Demand is scheduled to grow this year by about 5.3 million barrels per day, to a total of 96.2 million on average, according to the Energy Agency.

The Energy Agency’s warnings of a sharp slowdown in global oil demand growth come with the increase in Corona injuries around the world with the re-emergence of restrictions on movement.

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