price movements
The benchmark recorded strong weekly losses, as Brent lost regarding 9 percent, and US West Texas crude fell by regarding 10 percent during the week.
A mix price Brent At the settlement, on Friday, at $87.62 a barrel, down by $2.16, or 2.4 percent, while the US West Texas Intermediate crude price reached $80.08 a barrel, down $1.56, or 1.9 percent.
The market for both benchmarks has shifted in ways that show easing supply concerns.
Crude approached record highs earlier in the year, as it strengthened Ukraine crisis those concerns.
In addition, the front-maturity contracts recorded a huge price premium compared to the next-dated contracts, indicating that dealers are concerned regarding the immediate availability of oil and are willing to pay large sums to secure supplies, but these concerns are diminishing.
Data showed "Icon Refinitiv" West Texas Intermediate crude is currently trading at a discount compared to the following month, for the first time since 2021.
This situation is also beneficial for those seeking to increase their oil stocks for later use, especially since stocks are still at low levels.
Brent crude remains in the opposite pattern, despite the decline in the price premium for the nearest crude contract, compared to contracts for downloads six months later, to $3 a barrel, the lowest level since April.
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Contributed to the rise of the US dollar, which makes oil More expensive for holders of other currencies, in the decline in crude prices.
price movements
The benchmark recorded strong weekly losses, as Brent lost regarding 9 percent, and US West Texas crude fell by regarding 10 percent during the week.
A mix price Brent At the settlement, on Friday, at $87.62 a barrel, down by $2.16, or 2.4 percent, while the US West Texas Intermediate crude price reached $80.08 a barrel, down $1.56, or 1.9 percent.
The market for both benchmarks has shifted in ways that show easing supply concerns.
Crude approached record highs earlier in the year, as it strengthened Ukraine crisis those concerns.
In addition, the front-maturity contracts recorded a huge price premium compared to the next-dated contracts, indicating that dealers are concerned regarding the immediate availability of oil and are willing to pay large sums to secure supplies, but these concerns are diminishing.
The “Eikon Refinitiv” data showed that WTI is currently trading at a discount compared to the following month, for the first time since 2021.
This situation is also beneficial for those seeking to increase their oil stocks for later use, especially since stocks are still at low levels.
Brent crude remains in the opposite pattern, despite the decline in the price premium for the nearest crude contract, compared to contracts for downloads six months later, to $3 a barrel, the lowest level since April.
