News

Oil price fell .. and US crude is less than $ 70

  • 03 September, 2021
  • 12:44 pm EEST

Oil prices fell, during trading today, Friday, amid anticipation of the monthly jobs report in the United States of America.

And oil prices rose 2%, and record crude exceeded the barrier of $ 73 a barrel, at the close of trading on Thursday, to record the highest level in a month, in conjunction with the decision of the OPEC + alliance, and the continued withdrawal of crude stocks in the United States.

Oil prices today

Brent crude futures prices – November delivery – decreased by a marginal 0.04%, recording $73 a barrel, as of 07:36 am GMT.

While the prices of West Texas Intermediate crude contracts – October delivery – decreased by 0.27%, recording $69.80 a barrel.

Yesterday, Thursday, oil prices recorded noticeable gains at the close of trading, with Brent crude exceeding the level of $73 a barrel, but it is heading to end the week’s trading on a decline.

US and benchmark crude prices are heading to record gains of about 1.8 and 0.6% this week.

Influential factors

The drop in oil prices came with the US jobs report due later today.

US crude stocks fell last week, and power outages continue in the Gulf of Mexico and the US state of Louisiana, as a result of Hurricane Ida, which caused a congestion of oil tankers in Louisiana, especially since it has not yet been announced when it will resume its work.

The OPEC + alliance had agreed to continue the policy of increasing oil supplies planned by 400,000 barrels per day during October.

And the chief market analyst at OANDA, Edward Moya, expected that oil prices would rise until the end of this year, after OPEC + reassured the markets to adjust the reduction in the reduction, and US stocks continued to decline, according to Reuters.

 

Source ATTAQA

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