The price of oil continues its sharp decline in light of fears of a rise in US oil inventories

The price of oil stabilized during trading today, Friday, in the European market. This came after a series of losses that continued for three consecutive days, during which they recorded their lowest levels in about four months, and these losses came after increasing concerns about oversupply in the United States, especially after the rise in crude stocks to a level A new record in addition to the rise in shale oil for the third week in a row.

oil price

oil price

By 09:05 GMT, US crude is trading towards the level of 49.50 US dollars a barrel from the opening level of the trading session at 49.59 dollars, and achieved its highest level at 49.77 dollars, while the lowest level was 49.30 dollars.

Brent crude traded towards the level of 52.35 US dollars per barrel from the opening level at 52.35 dollars, and achieved its highest level at 52.64 dollars, while the lowest level was 48.60 US dollars per barrel.

It is noteworthy that the price of crude oil for “April delivery” ended yesterday’s trading, recording a decrease of 1.2 %, in the third consecutive daily loss, thus recording its lowest level in nearly four months at 48.60 US dollars per barrel.

Brent contracts “May contracts” lost about 1.5 %, to record the level of $51.50 per barrel, which is the lowest level since the thirtieth of November last year.

This week, the US Energy Information Administration reported that crude inventories in the country increased by 8.2 million barrels for the week ending on the third of March, in the ninth consecutive weekly increase, and according to this data, total stocks rose to 559.2 million barrels, the highest level since the collection Government data in 1982, in a sign of oversupply in the United States and weak levels of domestic consumption.

US shale oil production also rose last week by 60 thousand barrels to reach 9.09 million barrels, the highest level of production since March of last year, recording a rise for the third week in a row.

On the other hand, the US dollar continued to rise against most currencies ahead of the release of US jobs data in the non-agricultural sectors, as the dollar's rise negatively affects the price of oil.

Mohamed Abdel Khaleq
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