Sunday , June 20 2021

Oil opens because of the fear of over-supply



Oil opens up on the back of concern over the breadth of supply. The charter, citing the wake-up grid, spreads the oil that opens in order to retreat with the fear of over-supplying oil, owing to the fear of over-supply.

The price of crude oil falls at the beginning of trading on Tuesday due to the fear of over-supply in the world markets due to the fluctuation in demand for crude products and the increase in production.

The members of the Organization of the Oil Exporting Countries will meet on December 5 at the headquarters of the Austrian Federal Capital of Vienna to decide whether to cut production in 2019 to adjust the markets.

Brent crude oil delivered in January fell by 0.36 percent or 27 cents to $ 66.52 a barrel by 0630 GMT.

US raw futures for January delivery fell by 0.19 percent or 11 cents to $ 57.09.

Oil prices fell sharply for a month and a half since last October, losing about $ 20 for Brent's barrel.

The fall is also due to higher oil production by 2018, such as the United States (11.7 million barrels), Russia (11.6 million barrels) and Saudi Arabia.

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source: Sahwa Neto


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