Saturday , July 31 2021

US oil prices the longest loser in 34 years

NEW YORK (Reuters) – US oil prices fell by about 1 percent on Friday, a barrel under $ 60 for a short period of time and maintained the longest-losing process in 34 years.

Crude oil prices, 10 days, the highest US oil prices since July 1984, the longest decline, according to Standard & Poor, fell by 21% a month.

US $ 76.41 on 4 October for the fourth consecutive year, the weakest since February, $ 59.28 on Friday & # 39; s; a, and reversed the previous expectations of oil prices reaching $ 100 a barrel. In accordance with US sanctions for the Iranian oil industry.

The fall in oil prices voiced concern over the global economic growth of stock-driven commodity shocks and concerns that investors would reduce energy demand for the economic slowdown.

Michael By the end of the year there is an increased risk of increasing price increases, Enerji said Michael Tran, Global Energy Strategy Manager, RBC Capital Markets.

Despite the recent Wall Street recovery, Crude Oil prices continued to be disillusioned by the frustration of investors, who talked about the price increases of Trump's decision to grant temporary exemptions to allow eight countries, including India and China, to continue buying oil from Iran. The world's fifth largest producer.

President Donald Trump said the move aims to alleviate the impact of sanctions on Iran, which came into force on Monday. "I really don't want to reach oil prices, so we'll leave some oil to those countries that really need it." For $ 100 or $ 150 a barrel, this can happen very easily. "

Trump has recently claimed prices have dropped rapidly due to interventions, but the drop in prices has recently increased to 10.7 million barrels per day in Saudi Arabia and the US has increased production by 11 million barrels in August. For the first time, it left the US as the world's largest oil producer by both Russia and Saudi Arabia.

According to the federal government, the increase in production in Texas helped lift US oil stocks by 5.8 million barrels last week, now increasing by 3 percent compared to the 5-year average.

The fall in oil prices worried investors in the energy sector in Wall Street, but some analysts have warned that the oil crisis may be short-term, and Goldman Sachs and RBC predicted a recovery in oil prices with the recent reduction in exemptions granted to countries. As Saudi Arabia and the United States are worried about the limited demand for future demand, Iran will continue to run until the second half of the US pipeline production, due to the ban on the purchase of crude oil from Iran. 2019 & # 39;.

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