Oil prices drop by more than 2% per week


Posted in:

                 Oil fell on Friday, September 25, 2020, registering a weekly decline of more than two percent, as the rate of COVID-19 infection increased worldwide, while oil supplies are heading to increase in the coming weeks.

                                    <p>Brent settled at $ 41.92 a barrel, up two years, while US West Texas Intermediate crude fell six cents to $ 40.25 a barrel.

On a weekly basis, Brent lost 2.9% and West Texas Intermediate lost 2.1%.

In the United States, the largest consumer of oil in the world, the rate of casualties is increasing in the Midwest, while New York City, which was the most affected in the spring, is considering renewing the lockdown measures. And the country witnessed the death of more than 200,000 people as a result of the virus.

Fuel demand in the United States remains stagnant as the pandemic restricts travel and undermines the recovery of the economy. Average demand for gasoline in four weeks was 9 percent below its level a year ago.

In other parts of the world, daily increases in HIV infections are reaching record levels and new restrictions are imposed, which will likely restrict travel.

Meanwhile, the entry of more crude oil to the global market threatens to increase supply and reduce prices. Baker Hughes Energy Services said the number of US oil and gas rigs rose six to 261 in the week ending September 25.

Recently, Libya increased its production, and Shell temporarily rented the first crude tanker being loaded at the Libyan port of Zueitina since January.

Meanwhile, three assessments based on tanker tracking data said Iran’s oil exports rose significantly in September in defiance of U.S. sanctions.



Please enter your comment!
Please enter your name here