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Sunday, December 4, 2022

Oil sinks almost 3% and touches lows in ten days

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William
William
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you're looking for insights into what's going on in the stock market or economic indicators, you've come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
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The US Navy’s Fifth Fleet said it was aware of an incident in the Gulf of Oman on Wednesday.which involved a commercial vessel, Commander Timothy Hawkins told Reuters.

The Associated Press reported that a Liberian-flagged tanker operated by Singapore-based Eastern Pacific Shipping was hit by a drone blast off the Gulf of Oman.

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Oil prices rose on Tuesday after oil supplies to parts of Europe through a section of the Druzhba pipeline were temporarily suspended.according to pipeline operators in Hungary and Slovakia.

The outage coincided with an explosion in eastern Poland near the border with Ukraine, which killed two people and raised the possibility of the Russia-Ukraine conflict escalating.

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Comments by US President Joe Biden that the missile likely was not fired from Russia helped alleviate immediate concerns of an escalation, said Stephen Innes, managing partner at SPI Asset Management.

The International Energy Agency (IEA) expects demand growth to slow to 1.6 million bpd in 2023, from 2.1 million bpd this year.

Previously, The Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for global oil demand growth to 2022 for the fifth time since April, citing growing economic challenges.

Crude inventories in the United States fell by about 5.8 million barrels in the week ending November 11, according to market sources, citing figures from the American Petroleum Institute (API).

Source: Ambito

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