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11.03.2020 WTI Analysis
Oil prices Today resumes its decline from Monday after Yesterday's uptrend recovery. Oil prices fell by 3% on Wednesday after Saudi Arabia and the United
Yazar: Zack Smith
Yayınlanma: 12 Mart 2020 01:12
Güncellenme: 13 Eylül 2024 04:21
11.03.2020 WTI Analysis
Oil prices Today resumes its decline from Monday after Yesterday's uptrend recovery. Oil prices fell by 3% on Wednesday after Saudi Arabia and the United Arab Emirates announced plans to boost the oil production and the coronavirus fed worries about demand. Saudi Arabia Aramco (SE:2222) plans to boost production to 13 million bpd from 12 million bpd that was planned on Monday which was one of the reasons for the decline of the Crude Oil prices, UAE national oil company ADNOC also announced it would raise crude supply to more than 4 million bpd in April and accelerate plans to boost its output capacity to 5 million bpd, a target it previously planned to achieve by 2030. "Saudi's shock and awe strategy suggest to us that to bring Russia back to the negotiating table, it is serious in causing severe price and revenue pain for all oil producers," UBS analysts said in a note. West Texas Intermediate (WTI) crude futures (CLC1) falling by $0.93, or by2.82% at $33.82. Crude Oil inventories rose by 7.7 million barrels for the week, higher than the last highest which was on the second week of February, way higher than was expected which was 2.226 million barrels. This implies a weaker demand on Crude, so the next event which is the U.S Baker Hughes that comes out on Friday would be an interesting indicator for Crude Oil prices.İLGİLİ HABERLER
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