Expectations of a mild winter in America curb oil prices

Expectations of a mild winter in America curb oil prices
Expectations of a mild winter in America curb oil prices

Oil prices fell on Thursday, as expectations of a warm US winter capped a rally that sent prices to three-year highs above $86 a barrel early in the session on tight supplies and a global energy crisis.

Winters across much of the United States are expected to be warmer than average, according to forecasts released by the National Oceanic and Atmospheric Administration Thursday morning.

Brent crude fell $1.21 to settle at $84.61, after reaching a session high of $86.10, the highest since October 2018. US West Texas Intermediate crude fell 92 cents to reach $82.50.

Prices rose the first day on Wednesday when the US Energy Information Administration revealed a decline in crude oil and fuel stocks, with crude stocks at the Cushing Oil Center in Oklahoma falling to their lowest level in three years.

“Traders who had previously set a minimum of $86 to sell took advantage of the opportunity to take some profits… As a result, oil prices have fallen,” said Louise Dixon of Rystad Energy Consulting.

The price of Brent crude has increased by more than 60 percent this year, supported by a slow increase in supplies from the Organization of the Petroleum Exporting Countries (OPEC) and its allies and the global coal and gas crisis, which has caused a shift to oil for power generation.

Oil has also come under pressure from lower coal and natural gas prices. Coal prices in China fell 11 percent, adding to the losses it has incurred this week since Beijing hinted it might intervene to calm the market.

Follow the economic statement via Google News
Follow the economic statement via Google News

Print
Email

Twitter
LinkedIn
Pin Interest
Whats App

These were the details of the news Expectations of a mild winter in America curb oil prices for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV The price of the dollar today, Saturday 4-12-2021 in Egypt
NEXT Federal Reserve Chairman: “Omicron” threatens the recovery of the US economy

Author Information

I am Jeff King and I’m passionate about business and finance news with over 4 years in the industry starting as a writer working my way up into senior positions. I am the driving force behind Al-KhaleejToday.NET with a vision to broaden the company’s readership throughout 2016. I am an editor and reporter of “Financial” category. Address: 383 576 Gladwell Street Longview, TX 75604, USA Phone: (+1) 903-247-0907 Email: [email protected]