Oil prices on the New York Mercantile Exchange fall sharply after Saudi Arabia's decision to cut prices in Saudi Arabia Oil for all regions that receive this raw material from Saudi Arabia – say the brokers.
A barrel of West Texas Intermediate crude oil for delivery II is trading at $72.80 on the NYMEX in New York, down 1.37%. Brent ICE III costs $77.82 per barrel, which is 1.18% lower.
Global demand is falling
Sentiment in fuel markets worsened after Saudi Arabia cut the prices of oil supplied by Saudi Arabia to other regions.
This fact makes investors aware of the prospect of worsening global demand, which is outstripping market demand. Concerns over rising tensions in the Middle East and the disruption of oil supplies from Libya.
The state giant Saudi Aramco reduced the price of Arab Light oil delivered to Asian countries by $2. On the barrel – delivery in February, UPersistent weakness in the global oil market.
Delay in oil supply from Libya
“Oil supply disruptions and However, ongoing tensions in the Middle East continue to weigh on oil prices– says Warren Patterson, Head of Commodity Strategy at ING Groep NV.
Meanwhile, markets are facing disruptions in oil supplies from Libya.
The National Oil Corporation announced the closure of the Sharara oil field due to force majeure.
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