What’s going on with oil prices? Here is Biden’s critical decision

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Oil Prices continue to fluctuate. As the recession concerns in the EU and the USA and the expectations of economic contraction will cause the demand for oil to fall, prices have started to decline.

Brent oil during the Russian-Ukrainian war 133 dollar Although the war continued, it started to decline again.

With the decision taken by OPEC+ yesterday, it was announced that oil production would be reduced by 100,000 barrels as of October, and this would be considered a symbolic step.

MAIN CONCERN CHINA

in china coronavirus The continuation of the quarantines creates a negative impact on the demand outlook. The expectation that the need for oil will decrease has started to pull prices down.

Brent oil started the day at $95.18. It hit the daily high of $95.71. The lowest fell to 94.66. Currently, brent oil is trading at $94.90 with a loss of close to 1%.

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OPEC+’S REQUEST TO KEEP THE BASE PRICE

Analysts, who stated that the demand was monitored very closely with the decision taken by OPEC + yesterday and that there is a principle of maintaining a certain base in oil prices, said that the support level for brent oil is $ 94.81, if gold is tested, the downward movement will reach the levels of $ 93.40-91.50. they said they would.

BIDEN DETERMINED TO LOWER ENERGY PRICES

White House spokeswoman Karine Jean-Pierre said that US President Biden is determined to take all necessary steps to support the increase in energy supply and lower prices.

FLOW CUT FROM RUSSIA IN EUROPE

Natural gas flow to Europe was cut off due to the fault in Nord Stream 1 in Russia. While European countries entered the energy bottleneck, they started to take important saving measures. against Russia in the field of energy price Countries that want to bring the border have started to use different energy production channels.

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