Advertisements

Brent Crude Falls as Saudi Arabia Alters Price Strategy and Libyan Oil Crisis Eases

by Krystal

Brent crude oil futures dipped to nearly $71 per barrel on Thursday, continuing a decline of more than 2% from the previous session. This drop came after reports indicated that Saudi Arabia, the leading oil exporter, is lowering its crude oil price target in anticipation of increasing production.

In Libya, rival factions have reached an agreement to establish a process for appointing a central bank governor. This development could help alleviate the oil revenue crisis and restore oil exports.

Advertisements

Concerns about demand persist, especially in China, despite recent monetary measures aimed at boosting economic activity in the world’s largest oil consumer. Additionally, data from the Energy Information Administration (EIA) revealed a decrease in U.S. crude stocks, which fell by 4.5 million barrels last week. This was significantly more than the anticipated drop of 1.4 million barrels. Ongoing violence in the Middle East also poses risks of supply disruptions, which is providing some support for prices.

Advertisements

You Might Be Interested In

Advertisements
Advertisements
Advertisements

You may also like

oftrb logo

Oftrb.com is a comprehensive energy portal, the main columns include crude oil prices, energy categories, EIA, OPEC, crude oil news, basic knowledge of crude oil, etc.

【Contact us: [email protected]

© 2023 Copyright oftrb.com – Crude Oil Market Quotes, Price Chart live & News [[email protected]]