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International oil prices closed lower on Friday (24th), closing lower for a fifth straight week, as investors await next week’s OPEC+ meeting.
Energy Commodity Prices West Texas Intermediate (WTI) crude oil futures for January delivery fell $1.56, or 2%, from Wednesday’s close to settle at $75.54 a barrel. Brent crude futures for January delivery fell 84 cents, or 1%, to $80.48 a barrel.
WTI crude ended the week down 0.7% and Brent crude ended less than 0.1% lower, marking the fifth consecutive weekly decline for both benchmarks, according to Dow Jones Market Data.
Gasoline futures for December delivery fell 3% to settle at $2.165 a gallon. Thermal fuel futures for December delivery fell 1.9% to settle at $2.836 a gallon. Natural gas futures for December delivery fell 1.5% to settle at $2.855 per million Btu.market drivers
The Organization of the Petroleum Exporting Countries and its allies (known as OPEC+) on Wednesday postponed a meeting originally scheduled for Sunday until November 30, causing crude oil prices to fall that day. Brent crude fell below US$80 a barrel, and trading remained under pressure on Friday..
According to reports, OPEC members Angola and Nigeria are hoping to increase production levels, which eases market concerns about deepening divisions within OPEC, as if the divisions deepen, production cuts may not be extended to next year, including Saudi Arabia’s 1 million production. barrel/day.
Barbara Lambrecht, commodities analyst at Commerzbank, said: “The key point is that the postponement of the meeting is not because Saudi Arabia has changed its mind. In other words, Saudi Arabia still seems prepared to bear the brunt of’ r production cuts required by the company. oil market.”
“Therefore, it seems more or less certain once again that Saudi Arabia will continue its voluntary production cuts in the first quarter of next year, especially as the brief drop in oil prices suggests that without cuts continued production, that oil prices could fall significantly. the only problem is, OPEC
Can we agree to cut production beyond current levels? “
, make it unique and different from the original text, edit it to look like written by a professional journalist for a newspaper and make it grammatically correct content. Tone: Neutral. formal and professional. Use HTML for formatting, include h2 tags, h3 tags, lists and bold.
International oil prices closed lower on Friday (24th), closing lower for a fifth straight week, as investors await next week’s OPEC+ meeting.
Energy Commodity Prices West Texas Intermediate (WTI) crude oil futures for January delivery fell $1.56, or 2%, from Wednesday’s close to settle at $75.54 a barrel. Brent crude futures for January delivery fell 84 cents, or 1%, to $80.48 a barrel.
WTI crude ended the week down 0.7% and Brent crude ended less than 0.1% lower, marking the fifth consecutive weekly decline for both benchmarks, according to Dow Jones Market Data.
Gasoline futures for December delivery fell 3% to settle at $2.165 a gallon. Thermal fuel futures for December delivery fell 1.9% to settle at $2.836 a gallon. Natural gas futures for December delivery fell 1.5% to settle at $2.855 per million Btu.market drivers
The Organization of the Petroleum Exporting Countries and its allies (known as OPEC+) on Wednesday postponed a meeting originally scheduled for Sunday until November 30, causing crude oil prices to fall that day. Brent crude fell below US$80 a barrel, and trading remained under pressure on Friday..
According to reports, OPEC members Angola and Nigeria are hoping to increase production levels, which eases market concerns about deepening divisions within OPEC, as if the divisions deepen, production cuts may not be extended to next year, including Saudi Arabia’s 1 million production. barrel/day.
Barbara Lambrecht, commodities analyst at Commerzbank, said: “The key point is that the postponement of the meeting is not because Saudi Arabia has changed its mind. In other words, Saudi Arabia still seems prepared to bear the brunt of’ r production cuts required by the company. oil market.”
“Therefore, it seems more or less certain once again that Saudi Arabia will continue its voluntary production cuts in the first quarter of next year, especially as the brief drop in oil prices suggests that without cuts continued production, that oil prices could fall significantly. the only problem is, OPEC
Can we agree to cut production beyond current levels? “
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