2024-03-09 18:17:37
Ongoing concerns regarding the growth of the Chinese economy have increased headwinds in oil markets, as oil traded in a narrow range during the year, limiting Brent prices to their narrowest range since September 2021, according to the international oil “Reg Zone” report.
The report indicated that the cuts made by OPEC+ and the increasing tensions in the Middle East and the Red Sea were balanced by increased supplies from producers outside it, especially the United States.
He explained that oil prices fell with the failure of the Keystone Pipeline interruption in North America for a short period to remove prices from the narrowest weekly trading range in years, pointing to the decline of West Texas Intermediate crude by 1.2% to settle near 78 dollars, retreating further from the main psychological level of 80. $ per barrel.
The report also said that crude oil prices received support from Federal Reserve Chairman Jerome Powell’s comments that the central bank is approaching the confidence it needs to start cutting interest rates.
On the other hand, the International Oil Price report stated that oil prices remained in a largely limited range during the past month, as bullish and bearish factors continued to balance each other.
The report noted the stability of oil prices this week despite the positive trade data issued by China and the impressive demand for Indian oil, with the continued accumulation of US crude oil inventories and doubts regarding the extended voluntary cuts of “OPEC+” that offset this positive momentum.
Regarding the growing oil investments, the report highlighted that Chevron has resumed drilling in the Orinoco oil-producing belt in Venezuela with a peak capacity of 400,000 barrels per day, with the hope of increasing its production in the country to 250,000 barrels per day by next year.
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