Oil prices are heading for a weekly loss as the dollar rises

https://cdnnarabic1.img.sputniknews.com/img/104374/62/1043746242_0:0:2957:1663_1200x675_80_0_0_c36aa0d36b0791126d25f5c8ed.25f5c9

Arabic – News, Comments & Radio Sputnik

https://cdnnarabic1.img.sputniknews.com/i/logo.png

https://arabic.sputniknews.com/business/202111121050687991-%D8%A3%D8%B3%D8%B9%D8%A7%D8%B1-%D8%A7%D9%84%D9%86%D9% 81% D8% B7-% D8% AA% D8% AA% D8% AC% D9% 87-% D9% 84% D8% AE% D8% B3% D8% A7% D8% B1% D8% A9-% D8 % A3% D8% B3% D8% A8% D9% 88% D8% B9% D9% 8A% D8% A9-% D9% 85% D8% B9-% D8% B5% D8% B9% D9% 88% D8 % AF-% D8% A7% D9% 84% D8% AF% D9% 88% D9% 84% D8% A7% D8% B1 /

Oil prices fell on Friday as the dollar continued to rise, thanks to expectations that the US Federal Reserve will push ahead with a date to raise interest rates in order to control inflation.

Fell back Brent crude futures deals $ 1.36, or 1.6 percent, was $ 81.51 a barrel within 1200 GMT. US West Texas Intermediate crude futures fell $ 1.58 or 1.9 percent to $ 80.01 a barrel.

Both deals are heading for the week, following sharp ups and downs driven by speculation that the dollar will rise and US President Joe Biden’s administration will strategically release oil from its petroleum reserves.

There are positive signs related to demand as the airline recovery accelerates, but monetary and monetary policy tightening and the coming Northern Hemisphere winter are encouraging.

Degraded Organization of Petroleum Exporting Countries “OPEC” Yesterday, Thursday, its forecast for oil demand for the fourth quarter was 330,000 barrels a day from last month’s forecast, as rising energy prices prevented a recovery from the Govt-19 epidemic.

According to Reuters, “the oil market is reluctantly moving towards higher supply,” said Stephen Brenak, a BVM oil broker.

See also  Gold settled at a 3-month low in anticipation of Powell's speech

“OPEC and its allies should at least stop easing supply restrictions in the new year. If they fail to do so, global oil stocks will balloon again,” he added.

And OPEC + agreed last week to stick to a plan to add 400,000 barrels a day to the market per month.

  • Nadia Barnett

    "Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

    Related Posts

    • Economy
    • November 2, 2024
    • 22 views
    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    The wealth management landscape is undergoing a dramatic transformation, fueled by the rise of financial technology (fintech), according to fintech entrepreneur Emils Kerimovs. No longer exclusive to the ultra-wealthy, innovative…

    UAE Powering Gaming Boom in the Middle East

    The gaming industry in the Middle East is experiencing a growth spurt, with Saudi Arabia and the United Arab Emirates (UAE) among the countries attracting major investments. However, this digital…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    How to Choose the Right Mattress: Find the Best Fit for You

    How to Choose the Right Mattress: Find the Best Fit for You

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Emils Kerimovs on Wealthtech Revolution: Investing in the Middle East and Africa

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Forex Brokers Review: Is ITBFX A Safe Broker?

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Best Kitchen Renovation Ideas to Upgrade Your Space

    Where to Get a Professional Massage in Dubai

    Where to Get a Professional Massage in Dubai

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare

    Dog Spay Surgery 101: Benefits, Risks, Cost, and Aftercare