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November 29, 2022

Brent crude falls below psychological threshold of USD 80 per barrel

Under strong pressure from high production in the US and more recently under the influence of the economic slowdown in Eurasia, the oil market is in freefall. From June to October the price of a barrel of oil fell by 30 per cent.
According to recent information offered by Bloomberg and quoted by Mediafax, in November the price of crude oil in a front-month contract fell below USD 80 on Thursday, the lowest level in the last four years. Behind the price drop are the signals that OPEC does not want to lower production in order to limit the excess offer. “Saudi Arabia is committed to market stability and the speculations about a price war within OPEC have no real basis,” Saudi Oil Minister Ali Al-Naimi stated on Wednesday. In New York, the price of WTI front-month crude fell by USD 1, to USD 76.18 per barrel. The volume of all crude futures contracts is approximately 66 per cent above the average of the last 100 days. Oil prices have dropped by 23 per cent this year.
According to the analysts’ estimates, oil stocks in the United States, the biggest oil consumer in the world, rose last week for the sixth consecutive time.

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