2024-01-25 08:06:17
In the face of the crises sweeping the global oil market that led to it entering into a wave of price turmoil that tended to decline, and in light of the major fears of the exacerbation of its causes, which apparently have not yet reached their peak, but rather continue to smolder, global efforts are coming to work steadily. The market was not successful.
The US Energy Information Administration revealed the amount of its crude stockpiles, which turned out to be a decrease of 9.2 million barrels last week, although the decrease expected by experts was only 2.2 million barrels.
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On the other hand, the Chinese Central Bank announced information that is in the interest of its economy, namely: Injecting approximately $140 billion of cash into the banking system due to the decline in banks’ demand for reserve requirements.
Accordingly, these developments were reflected on the scene in oil prices, which rebounded once more and achieved a greater increase than yesterday. Brent crude oil recorded a price of $80.30/barrel, while the price of West Texas Intermediate crude oil was $75.38/barrel.
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