US benchmark oil has been trading erratically for a week after OPEC oil-producing countries revised down 200,000 barrels a day on Monday. its forecast for world crude consumption through the end of 2023 due to economic problems caused by the Russian invasion of Ukraine and the Covid-19 lockdowns in China.
In addition, the oil cartel warned that oil faces “considerable uncertainties”.
Tuesday was, so far, the only day that the WTI closed in the green after the alarms were triggered when a drone attacked an oil tanker loaded with diesel and linked to a well-known Israeli businessman when he was sailing through the Gulf of Oman.
However, what at first was seen as the possible start of a new escalation of tension in the region, finally faded when it was learned that it had only caused minor material damage and that Israel assured that it did not consider it an attack against the condition.
Investors also did not react positively to the latest data from the Energy Information Administration on Thursday. which revealed that US crude inventories fell 5.4 million barrels in the most recent week.
Source: Ambito
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