The fall in prices comes a day after official data from the US Government revealed a new weekly increase – the seventh consecutive – in crude and fuel inventories.
The crude oil inventories in the United States rose llast week to his highest level since June 2021, helped by the increase in production, reported the Energy Information Administration (EIA, for its acronym in English). US gasoline and distillate inventories also rose.
US Federal Reserve officials said they expect more interest rate hikes as the bank presses ahead with its efforts to cool inflation, sending bearish signals through risky assets like oil and equities.
The prospect of higher demand from China lent some support to oil prices during the early hours of the round, as the world’s second-largest consumer of crude ended more than three years of a strict zero-COVID policy.
BP Azerbaijan declared force majeure on Azerbaijani crude shipments from the Turkish port of Ceyhan on February 7, after a fort earthquake shakes turkey and syria in the early hours of Monday and damaged the port. However, they assured that the oil from the Caucasus continued to flow through the pipeline. They still do not know for how many days they will be able to sustain production until the storage is full and they estimate that exports will be able to resume within the next 2 to 10 days.
Also, this Thursday The United States has imposed sanctions on companies it accuses of playing a key role in the production, sale and shipment of Iranian oil and petrochemicals. to buyers from Asia, at a time when Washington is increasing pressure on Tehran.
The sanctions targeted six Iran-based petrochemical manufacturers and their subsidiaries, as well as three companies in Malaysia and Singapore.
Source: Ambito
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