Oil prices eventually fell below $100 per barrel for the first time in roughly three months as a result of a persistent counter-rally.
The price of West Texas Intermediate (WTI) crude fell 4.21 percent to $95.31 per barrel, while Brent crude, the global oil benchmark, fell 3.28 percent to trade at $99.40 per barrel.
This came after price drops earlier in the week, which saw a significant drop to $101 on Tuesday from above $113 opening price.
Oil and gas prices surged earlier this year after Russia’s invasion of Ukraine prompted the United States and its European allies to sanction Russian energy exports, effectively choking off one of the world’s largest producers.
Oil Production: Cost Optimization- NNPC Seeks Stakeholders Collaboration
Goldman Sachs attributed the fall in the price of the commodity to growing recession fears.
Also OPEC had in its June 2022 Monthly Oil Market Report, MOMR, pumped 28.52 million barrels per day (bpd) in June, down 100,000 bpd from May’s revised total thus failing to deliver on an oil output increase pledged under a deal with allies.
This follows as involuntary declines in Nigeria and Libya offset supply increases by Saudi Arabia and other large producers, says Reuters survey.
Nigeria recorded a decline of 80,000 bpd, where outages and maintenance curbed output.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.