Oil prices record $90.92 for Brent and $84.51 for US crude

Today, Monday, oil prices recorded $90.92 per barrel for Brent crude futures, and US West Texas Intermediate crude futures recorded $84.51 per barrel.

The Organization of Arab Petroleum Exporting Countries (OAPEC) had published the weekly developments in the global oil markets, in light of the Russian-Ukrainian crisis, as crude oil futures prices fell for the third week in a row, heading towards recording the largest quarterly losses in percentage since the beginning of the Covid-19 pandemic in year 2020.

Oil prices were negatively affected by both the unexpected rise in US inflation indicators, which means the possibility of the US Federal Reserve continuing its policy of raising interest rates, and the World Bank and International Monetary Fund warning of a global economic stagnation, and prices were also affected by several other factors, including:

The expectations of the International Energy Agency about the halt in the growth of global demand for oil during the last quarter of the current year 2022, amid renewed closures, which may cause a contraction in Chinese demand for the first time since 2002.

US commercial oil stocks rose for the second week, with the continued withdrawal of strategic stocks, which recorded their lowest level since October 1984.

The rise in the US dollar index, which measures its performance against a basket of 6 major currencies, made crude oil more expensive in other currencies.

Avoiding the possibility of labor disruption on US rail lines, which would damage fuel supplies inside and outside the United States.

– Oil prices received support from growing concerns about the lack of global oil supplies with the approach of winter, especially with the imminent start of the European embargo on Russian oil imports in December, and the dwindling of expectations of the return of Iranian oil exports to the market in the near term.

The International Energy Agency expects a large-scale shift from the use of natural gas to oil and its products for heating, due to higher prices during the winter season.

A temporary suspension of Iraqi oil exports from Mina al-Bakr in the Basra region, due to a limited oil leak that was controlled.

The German government announced that it had seized control of the activities of “Rosneft” in Germany, in order to “guarantee” the national energy supply, as this Russian oil group operates many refineries.

And the German Ministry of Economy said in a statement, as reported by Russia today, that the branches of “Rosneft” in Germany, which represent 12% of the national oil refining capacity, were placed under the “guardianship” of the German National Agency responsible for managing energy networks.

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