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ANKARA
Oil prices fell on Wednesday with an estimated rise in U.S. crude stocks and after an unsuccessful OPEC + meeting that failed to satisfy investors’ concerns about a global glut amid a weak global demand.
International benchmark Brent crude was trading at $ 43.73 a barrel at 0700 GMT Wednesday, down 0.05% after closing at $ 43.75 a barrel on Monday.
The US benchmark West Texas Intermediate (WTI) index was at $ 41.30 per barrel at the same time for a 0.07% decline after ending the previous session at $ 41.33 per barrel.
Oil prices fell after the American Petroleum Institute (API) announced its estimate of a 4.2 million barrel increase in US crude inventories relative to the market’s expectation of an increase of 1, 7 million barrels.
If crude stocks rise in line with API expectations, this indicates that demand for crude is falling in the US, the world’s largest oil consumer, to drive prices down.
The Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC producing countries, also known as OPEC +, held a ministerial committee meeting on Tuesday, which did not produce reassuring recommendations for further production cuts in 2021.
The group just called the readiness “to adapt to any changing market dynamics”, which supports the fall in oil prices.
Oil and political risk analyst José Chalhoub said OPEC + just mentioned the main issues overshadowing oil markets, including “COVID-19, the staggering rise in Libyan oil production, while signaling a recovery. demand in Asia and a bleak outlook for Europe. “
Chalhoub said the group “hinted that it could maintain this strategy for up to 6 more months.”
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