Crude Oil Drops 3%, COVID-19 Stages A Big Comeback

Sumary of Crude Oil Drops 3%, COVID-19 Stages A Big Comeback:

  • Crude prices were swept up by a wave of caution in global markets as London futures dropped toward $80 a barrel.
  • A coordinated special petroleum reserve also fueled a near 3% decline in the oil price on Friday.
  • As a result of the unprecedented move by the U.S. and other nations to tap strategic stockpiles in order to tame rising energy prices, OPEC+ meets Dec.
  • It must also consider internal projections that the reserves release will exacerbate a surplus it expects to reach early next year.
  • Nevertheless, the International Energy Agency has accused them of creating “artificial tightness” and urged a return to supplies as soon as possible.

Want to know more click here go to source.

From -

Generic selectors
Exact matches only
Search in title
Search in content

Site Language

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.