Crude prices record declines in the middle of the day, Friday, the last of the weekly trading sessions, and before the opening of the American markets, where Brent crude is trading below 79 levels for the first time in seven weeks, with the two crudes heading to record weekly losses exceeding 5%, in a decline for the fourth week in a row, as American crude (NYMEX) is trading on It declined by about 3.02%, and is trading at levels of $76.63 a barrel, while Brent crude is trading at levels of $78.66 a barrel, down by about 3.18%.
Rising market fears of high cases of Covid 19 infection in Europe, which is spreading rapidly, and its impact on the recovery of the global economy is putting pressure on crude prices, and the US President’s request from major consuming countries to use part of their strategic petroleum reserves (SPR) to reduce the rise in inflation is causing additional pressure on crude prices.
European countries have a weak rate of vaccination compared to the rest of the world, as the number of vaccine recipients in the most populous European country did not exceed 68%.
Therefore, with the spread of the new wave, some countries began to re-impose the restrictions, such as Belgium, Austria and Germany.
On the other hand, internal data showed that the commitment of the Organization of the Petroleum Exporting Countries and its independent producing allies to oil production cuts reached 116% in October, compared to 115% in September.
05/11/2024
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