landed oil prices Yesterday, Thursday, following Brent crude recorded its highest level in seven years, exceeding $ 90 a barrel, with a balance in the market between fears regarding a global supply shortage and expectations of the US Federal Reserve to tighten monetary policy soon.
Brent crude, the benchmark, fell 15 cents to $89.81 a barrel, while US crude fell 20 cents to $87.15 a barrel in a volatile session, and the two contracts fluctuated between ups and downs.
وارتفعت oil prices On Wednesday, Brent crude rose above $90 a barrel for the first time in seven years, amid tension between Russia and the West.
The market anxiety also increased due to the threats of the Houthi movement in Yemen to the UAE.
Russia, the world’s second-largest oil producer, is at odds with the West over Ukraine, raising fears of a disruption to energy supplies to Europe, although concerns focus more on gas supplies than crude.
Read also / Oil prices breach $90 a barrel, the highest level in 7 years
Russia said on Thursday that Washington was clearly unwilling to address its main security concerns in the standoff over Ukraine, but kept the door open for dialogue.
The US Federal Reserve said yesterday that it will likely raise interest rates in March and plans to end its bond purchases that month to curb inflation.
The dollar rose following that announcement, making oil more expensive for buyers who use other currencies.
And the market began to pay attention to the February 2 meeting of the OPEC + group, which includes the Organization of the Petroleum Exporting Countries (OPEC), along with other producers, including Russia.
The group is likely to stick to its plans to increase the target level of oil production in March, according to several sources from OPEC + told Archyde.com.
OPEC+ has been raising its production target level every month since August by 400,000 bpd, gradually abandoning a record production cut in 2020.
However, the group faced challenges represented in the available production capacity, which prevented some members from increasing production according to their quotas.