Crude prices are recording strong declines in the closing session of the week today, Friday, and before the opening of the American markets, amid international warnings of the new strain of the Corona virus coming from South Africa, which raised markets’ concerns about global demand for oil, in addition to fears of oversupply in the first quarter of next year, according to the organization’s estimates. OPEC.
And officials from the World Health Organization warned this Friday morning of the new strain or mutation of the Corona virus in South Africa, which raised fears about restoring closure restrictions in the largest oil consuming countries in the world, and thus we may witness a decline in global medicine on oil.
On the other hand, OPEC sources said that the Organization’s Economic Committee, in a recent study before the ministerial meeting of the organization and the allies producing outside the organization led by Russia next week, sees that the global surplus of oil may rise by 400,000 barrels per day next December and to about 2.3 million barrels in January And 3.7 million in February if the plan of the United States of America and major consumers continues to withdraw from the strategic oil stockpile.
Brent crude is trading at levels of $77.32 a barrel, down by 6%, heading to record weekly losses of more than 1%, while the American NYMEX crude is losing about 6.75% and is trading at levels of $73.10 a barrel, and a weekly loss of more than 0.7%.
05/11/2024
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